Shareholder Notice: Zwerling, Schachter & Zwerling, LLP Files Shareholder Class Action on Behalf of Purchasers of Security Capit
January 14 2008 - 1:14PM
PR Newswire (US)
NEW YORK, Jan. 14 /PRNewswire-USNewswire/ -- Zwerling, Schachter
& Zwerling, LLP ("Zwerling Schachter") has filed a class action
lawsuit in the United States District Court for Southern District
of New York on behalf of all persons and entities who purchased the
common stock of Security Capital Assurance, Ltd. ("Security
Capital" or the "Company") (NYSE:SCA) pursuant to the Company's
secondary stock offering on June 6, 2007 of more than 9.6 million
shares at $31.00 per share. Additional complaints have been filed
on behalf of all persons who purchased Security Capital's common
stock during the period from April 23, 2007 to December 10, 2007.
Security Capital, through its subsidiaries, provides financial
guaranty insurance, reinsurance, and other credit enhancement
products to the public finance and structured finance markets in
the United States and internationally. The deadline to file a
motion seeking to be appointed lead plaintiff is February 5, 2008.
If you purchased Security Capital's common stock pursuant to the
secondary offering, or in the open market during the period from
April 23, 2007 to December 10, 2007, you may apply to serve as lead
plaintiff. The lead plaintiff is responsible for overseeing the
prosecution of the action and ensuring that the interests of the
class are protected. You may apply to be appointed lead plaintiff
through Zwerling Schachter. If you wish to discuss this action or
have any questions concerning your rights and interests with
respect to this securities litigation matter, please contact
Zwerling Schachter (Kevin McGee, Esq. or Donald Lanier) at
1-800-721-3900 or by e-mail at or . The complaints filed allege
that defendants violated the federal securities laws. Specifically,
the complaints allege that during the relevant period defendants
made numerous untrue statements of material facts and failed to
disclose that: a substantial portion of the Company's credit
portfolio related to sub-prime residential mortgage backed
securities ("RMBS") and collateralized debt obligations ("CDOs")
had declined substantially in value; 2) the Company's net loss
reserves were inadequate in light of the Company's deteriorating
credit portfolio; 3) the Company's credit default swaps were not
fairly valued; and 4) as a result of the Company's imprudent
underwriting, inadequate loss reserves and overvaluation of its
credit default swaps, the Company's AAA credit rating was at risk
of being downgraded. As a result of these false statements and
omissions, persons who purchased the Company's common stock during
the relevant period paid materially more than what the shares were
worth. Zwerling Schachter concentrates in prosecuting class actions
nationwide on behalf of investors. The firm currently plays a
leading role in numerous major securities and complex commercial
litigations pending in federal and state courts and has offices in
New York City, Uniondale, New York, Boca Raton, Florida and
Seattle, Washington. The firm has been recognized by courts
throughout the country as highly experienced and skilled in complex
litigation, particularly with respect to federal securities class
action litigation. Visit our website at: http://www.zsz.com/
DATASOURCE: Zwerling, Schachter & Zwerling, LLP CONTACT: Kevin
McGee, Esq., , or Donald Lanier, , both of Zwerling, Schachter
& Zwerling, LLP, +1-800-721-3900 Web Site: http://www.zsz.com/
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