American Home Mortgage Faces Shareholder Suits

Law360, New York (August 2, 2007, 12:00 AM EDT) -- At least seven class action lawsuits alleging violations of federal securities laws have been filed against American Home Mortgage Investment Corp., which could face bankruptcy after failing to pay out hundreds of millions of dollars in loans this week.

The complaints, filed this week, accuse American Home Mortgage and its executives of failing to disclose the company's increasing level of loan delinquencies and difficulties in selling loans over the past year in press releases and filings with the U.S. Securities and Exchange Commission. As a result...
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