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Preferred Shareholders File Suit Against New Century

Law360 (April 5, 2007, 12:00 AM EDT) -- Embattled subprime lender New Century Financial Corp. has been hit with a class action suit alleging that the company and its executives made false statements in registration and proxy statements.

New Orleans law firm Kahn Gauthier Swick LLC has filed a suit on behalf of investors who purchased Series A preferred shares or Series B preferred shares in two of New Century’s public offerings.

Although several shareholder lawsuits have been filed alleging that the company made false statements in order to increase the sale of its...
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