This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.Here is a sample of this item:Izard Nobel LLP Announces Class Action Lawsuit Against Advanta Corp. 2009-10-20 18:38 ET - News Release WEST HARTFORD, CT
-- (MARKET WIRE)
-- 10/20/09 
The law firm of Izard Nobel LLP, 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 Eastern District of
Pennsylvania on behalf of those who purchased the Class A and/or Class B
common stock of Advanta Corp. ("Advanta" or the "Company") (NASDAQ: ADVNA)
between October 31, 2006 and November 27, 2007, inclusive (the "Class
Period").
The complaint charges that Advanta and certain of its directors and
officers violated federal securities laws by issuing materially false
statements. Specifically, the complaint alleges that defendants failed to
disclose the impact of the economic environment and the deteriorating
credit trends on its business and that the Company failed to adequately and
timely record losses for its impaired loans and customer delinquencies,
causing its financial results to be materially false. Defendants also
concealed the adverse effects the Company's manipulations of its cash
rewards program was having on its business. As a result of defendants'
false statements, Advanta's stock traded at artificially inflated prices
during the Class Period, reaching a high of $34.07 per share on June 19,
2007.
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