This is a securities class action lawsuit against MGIC Investment Corp. and certain officers and directors.
This class action lawsuit alleges that during the Class Period, defendants made false and materially misleading statements and concealed material adverse information regarding MGIC's business, including in particular about C-BASS, the Company's underwriting and exposure to subprime mortgages and delinquencies. Additionally, MGIC did not properly record loss reserves.
As a result , MGIC's financial results violated GAAP and were materially misstated, and Plaintiff and the other members of the Class purchased MGIC common stock during the Class Period at inflated prices. Based on defendants' false and misleading statements, MGIC stock reached a Class Period high of $70.09 per share during February 2007. Defendants' false statements and misrepresentations of material facts were slowly revealed to the market over a period of months through successive partial disclosures of the actual state of MGIC. Upon full disclosure of defendants' prior false statements and material non-disclosures, the price of MGIC stock dropped to $12.61 on February 13, 2008, down 82% from the Class Period high.
Name (Stock Symbol)
MGIC Investment Corporation (MTG)
MGIC Investment Corporation is the parent of Mortgage Guaranty Insurance Corporation, which is a provider of private mortgage insurance.
The information provided on ClassAdvocate.com is general in nature,
does not apply to any particular factual situation, and is not and
should not be taken as legal or other professional advice. We make no
commitment or warranty that the factual, legal or any other information
on ClassAdvocate.com, or on any linked website, is accurate, complete,
error-free, or current. As such, you should not rely on such information,
and should seek professional advice if and as you determine appropriate.
ClassAdvocate.com is not a lawyer referral service, and no attorney-client
or confidential relationship is or should be formed by use of the site.
The investigations listed on ClassAdvocate.com are attorney advertisements
and do not in any way constitute a referral or endorsement by ClassAdvocate.com
or any approved or authorized lawyer referral service.