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W Holding Company Case 09/21/2007

  • You must submit the settlement Proof form attached below, in order to participate in this settlement. There is a strict deadline of June 14, 2013 by which all claims must be submitted. The instructions for submitting are included in the Proof and the Notice files attached below for your download. DO NOT SEND THE FORMS TO 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
W Holding Company
Security
NYSE: WHI

Case Name
W Holding Company Case 09/21/2007
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the District of Puerto Rico

Class Period Begin
Class Period End
Settlement Notice
w_holding_company_inc_settlement_notice_2013.pdf
Settlement Proof
w_holding_company_inc_settlement_proof_2013.pdf
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Settlement Overview

Date Settled
Date Settled
Settlement Amount
$8,750,000.00
Deadline to Participate in Settlement

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Summary

March 1, 2013 - The court preliminarily approved the settlement.

February 13, 2013 - A stipulation of settlement was filed by the parties.

March 24, 2009 - The court denied the defendants' motion to dismiss.

September 10, 2008 - A motion to dismiss the amended consolidated complaint was filed.

April 28, 2008 - An amended consolidated complaint was filed.

September 21, 2007 - The complaint charges W Holding and certain of its officers and directors with violations of the Exchange Act. W Holding operates as the holding company for Westernbank, a commercial bank operating in Puerto Rico that offers an array of business and consumer financial products and services including banking and trust and brokerage services.

The complaint alleges that, during the Class Period, defendants issued materially false and misleading statements that misrepresented and failed to disclose: (i) that the Company’s financial results during the Class Period were artificially inflated due to the Company’s failure to write-down the Inyx loans which were impaired. W Holding has now admitted that it is not likely to collect on the Inyx loans and that it will be toting a charge of at least $80 million; (ii) that the Company was improperly delayed the recognition of its impaired assets in order to inflate its reported income and asset quality; (iii) that the Company’s “regulatory capital” it claimed throughout the Class Period was similarly overstated; and (iv) that the Company’s “book value” per share was materially overstated; and as more fully described in the complaint, the Company’s published financial statements violated U.S. Generally Accepted Accounting Principles.

According to the complaint, on June 26, 2007, W Holding filed a Form 8-K with the SEC which reported that the Company had determined that “one of its larger asset-based loans” is impaired. In response to the Company’s announcement, the price of W Holdings stock dropped from $5.01 per share to $3.14 per share on extremely heavy trading volume and continued to decline, falling to $2.64 per share on June 29, 2007.

Date Settled