Lawsuit Overview
June 3, 2014 - The U.S. Court of Appeals for the Ninth Circuit granted the stipulation of the parties to voluntarily dismiss the appeal.
October 7, 2013 - The lead plaintiff filed a notice of appeal.
September 5, 2013 - The court granted the defendants' motions to dismiss with prejudice in its entirety; judgment is entered in favor of the defendants.
November 12, 2012 - The defendants filed motions to dismiss.
November 2, 2012 - The lead plaintiff filed a corrected third amended complaint.
October 22, 2012 - The lead plaintiff filed a third amended complaint on behalf of investors who purchased 1st Centennial Bancorp (OTC: FCEN) common shares between March 9, 2007 and January 23, 2009. The lead plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between March 9, 2007 and January 23, 2009.
October 5, 2012 - The court denied in part and granted in part the defendants' motion to dismiss and granted plaintiff leave to file an amended complaint.
April 11, 2012 - The defendants filed a motion to dismiss.
March 12, 2012 - The lead plaintiff filed a second amended complaint on behalf of investors who purchased 1st Centennial Bancorp (OTC: FCEN) common shares between May 12, 2006 and January 23, 2009. The lead plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between May 12, 2006 and January 23, 2009.
February 13, 2012 - The court granted the defendants' motion to dismiss.
October 4, 2011 - The defendants filed a motion to dismiss.
August 25, 2011 - The lead plaintiff filed an amended complaint.
July 25, 2011 - The lead plaintiff and lead counsel were appointed.
June 20, 2011 - Lead plaintiff motions were filed.
April 19, 2011 - An investor in shares of 1st Centennial Bancorp (OTC: FCEN) filed a lawsuit in the U.S. District Court for the U.S. District Court for the Central District of California Eastern Division against 1st Centennial Bancorp over violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between April 13, 2006 and January 23, 2009.
The complaint alleges that 1st Centennial Bancorp and certain of its former officers and directors violated the Securities Exchange Act of 1934. Specifically, the complaint claims that certain of 1st Centennial Bancorp's former officers and directors made materially false and misleading statements between April 13, 2006 and January 23, 2009 in press releases and filings with the U.S. Securities and Exchange Commission regarding 1st Centennial Bancorp's financial health and business prospects. In particular, they made material false and misleading statements and omissions concerning: (i) the Bank's exposure to the risky commercial real estate and the acquisition, development, and construction loan market; and (ii) 1st Centennial Bancorp's loan underwriting and credit administration practices including its compliance with prudent banking standards and lending policy. Further, 1st Centennial Bancorp approved loans based on outdated appraisal information and borrower financial statements and issued loans to borrowers with suspect credit and inadequate collateral.
1st Centennial is a bank holding company incorporated and headquartered in California. 1st Centennial Bancorp (the Bank ) is a state-chartered nonmember bank that was wholly-owned by 1st Centennial Bancorp. 1st Centennial Bancorp operated six branches and three loan production offices in California which provided commercial and consumer banking services.