misstated and omitted material information
Coral Gables, Florida (Vocus) March 10, 2010
The Securities Law Firm of Tramont Guerra & Núñez, PA (TGN) makes an announcement to all Countywide Financial Corp Trust Certificates (CWALT, CWABS, CWMBS, CWHEQ) investors concerning the class action lawsuit (Case No. 10 CV 00302) filed January 14, 2010, in the United States District Court, Central District of California, for the class period starting November 11, 2003 and ending August 31, 2008. The class action filed concerns loans originated by the Company which were pooled together and deposited into qualifying special-purpose entities, referred to in the lawsuit as “Issuing Trusts” created by wholly-owned subsidiaries of Countrywide Financial Corp. The class action alleges that the Registration Statements and Prospectus Supplements, “misstated and omitted material information” regarding the Issuing Trust Certificates. Prospective class members should consider whether an individual securities arbitration claim filed with the Financial Industry Regulatory Authority, (FINRA) is more effective than a class action for recovery of their investment losses.
Many investors were advised by their financial advisors that Countrywide Financial Corp Trust Certificates were a suitable source of current income. Brokerage firms are obligated to give, and investors are entitled to rely upon brokerage firms for, competent, suitable investment advice in accordance with FINRA Sales Practice Rules and Regulations. The Financial Industry Regulatory Authority, (FINRA) is a self regulating organization with sales practice rules and regulations that govern the securities industry’s conduct and safeguard the investing public. Recommendations of unsuitable investments and/or maintaining unprotected concentrated stock positions are both causes of action that may be available to investors against their full-service brokerage firm in an individual securities arbitration claim filed with FINRA.
The Securities Law Firm of Tramont Guerra & Núñez, PA is a nationally recognized, Martindale Hubbell “AV” rated securities law firm. To request a confidential consultation from a TGN attorney to determine whether you have a viable individual securities arbitration claim for investment losses that exceed $100,000 from a full service brokerage account, contact us on our website. To speak directly with an attorney, call (800) 578-0137 and ask for Ben Fernandez, Esquire.
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