New Century Faces Grand Jury Subpoena

Law360, New York (March 13, 2007, 12:00 AM EDT) -- After recent revelations about criminal and regulatory investigations, New Century Financial Corp. said Tuesday that it now faces a grand jury subpoena and a U.S. Securities and Exchange Commission investigation.

Separately, the failing subprime mortgage lender was dealt another blow Tuesday when NYSE Regulation Inc. said that the company's stock should be suspended immediately. NYSE said the company expects to have its common stock listed on the Pink Sheets following its suspension.

In an SEC filing Tuesday, New Century revealed that it has received a subpoena...
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