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CIT Group Inc (NYSE: CIT) Investor Securities Class Action Lawsuit 07/25/2008

  • If you purchased shares of CIT Group Inc (NYSE: CIT), you might have certain options and should contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Company
CIT Group
Security
NYSE: CIT

Case Name
CIT Group Shareholder Class Action Lawsuit 07/25/2008
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Southern District of New York

Class Period Begin
Class Period End
Deadline To File for Lead
Settlement Notice
cit_group_inc_settlement_notice_3_2012.pdf
Settlement Proof
cit_group_inc_settlement_proof_3_2012.pdf
Filed Complaint
cit_group_inc_original_filing_edited_7_2008.pdf
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Settlement Overview

Date Settled
Date Settled
Settlement Amount
$75,000,000.00
Deadline to Participate in Settlement

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Summary

June 13, 2012 - The court approved the settlement, entered the orders approving the plan of allocation, the motion for attorneys’ fees and expenses, and dismissed the action with prejudice.
March 23, 2012 - The court preliminarily approved the settlement.

March 13, 2012 - Parties filed a stipulation of settlement.

June 10, 2010 - The court denied the defendants' motion to dismiss.

September 11, 2009 - The defendants filed a motion to dismiss.

July 16, 2009 - The lead plaintiffs filed an amended consolidated complaint on behalf of investors who purchased CIT Group Inc (NYSE: CIT) common shares between December 12, 2006 and March 5, 2008 as well as investors who purchased the preferred stock of CIT Group Inc (NYSE: CIT.Z) pursuant to the October 17, 2007 CIT-Z offering. The lead plaintiff alleges that the defendants violated the Securities Act of 1933 and the Securities Exchange Act of 1934 by issuing false and misleading statements between December 12, 2006 and March 5, 2008.

May 26, 2009 - The lead plaintiff and lead counsel were appointed and all cases were consolidated.

September 24, 2008 - Additional lead plaintiff motions were filed.

September 23, 2008 - Lead plaintiff motions were filed.

July 25, 2008 - An investor in shares of CIT Group Inc (NYSE: CIT) filed a lawsuit in the U.S. District Court for the Southern District of New York against CIT Group Inc over alleged violations of Federal Securities Laws between April 18, 2007 and March 5, 2008.

According to the complaint the plaintiff alleges that CIT Group Inc made false and misleading statements about CIT Group Inc's financial condition. More specifically the complaint claims that CIT Group Inc's public financial statements failed to account for tens of millions of dollars in loans to Silver State Helicopter.

On March 6, 2008 Associated Press published an article entitled CIT shares plunge on potential write-off which stated in part: Keefe Bruyette & Woods analyst Sameer Gokhale now expects the company to earn 8 cents per share in the first quarter instead of his previous estimate of 76 cents per share. We believe there is an increased risk that the company will have to charge off $179million of private student loans made to students of a flight school which recently filed for bankruptcy, he wrote in a note to investors. He said the students did not receive their licenses and are less likely to be able to repay the loans.

CIT Group Inc's stock price (NYSE: CIT) dropped $4.50 to close to $15.86 on March 6, 2008.

cit_group_inc_original_filing_edited_7_2008.pdf
Date Settled