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HARTFORD, Conn., Aug. 15, 2007 (PRIME NEWSWIRE) -- The law firm of Schatz Nobel Izard P.C., which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the Central District of California on behalf of all persons who purchased the common stock of Countrywide Financial Corp. ("Countrywide") (Nasdaq:CFC) between October 24, 2006, through August 9, 2007, inclusive (the "Class Period").
The Complaint charges that Countrywide and certain of its officers and directors violated federal securities laws by making false and misleading statements regarding the changing quality of the Company's mortgage loan portfolio. As late as April of 2007, Countrywide stated that credit rating agency Moody's upgraded the rating of the Company's banking segment and announced that its home loans segment was also under review for possible upgrade. Then, on June 12, 2007, the Company boasted of its position as the number one mortgage originator in the United States. These reassuring announcements served to conceal the alarming growth of loan delinquencies and the increasing likelihood of impairment charges, with resulting adverse impacts on the quality of the Company's collateralized debt obligations (CDO's), earnings and profits.
