The law firm of Izard Nobel LLP, which has significant experience
representing investors in prosecuting claims of securities fraud,
announces that a lawsuit seeking class action status has been filed in
the United States District Court for the Southern District of New York
on behalf of all those who purchased the common stock of CIT Group, Inc (“CIT”
or the “Company”)
(NYSE: CIT) between April 18, 2007 and March 5, 2008 inclusive (the “Class
Period”).
The Complaint alleges that CIT and certain of its officers and directors
violated federal securities laws by issuing materially false statements
regarding the Company’s financial condition.
Specifically, CIT’s public financial
statements failed to account for tens of millions of dollars in loans to
Silver State Helicopter (“Silver State”),
which were highly unlikely to be repaid and should have been written
off. On March 6, 2008, Keefe, Bruyette & Woods issued an analyst report
on CIT lowering its first quarter 2008 earnings per share estimate by
$.08 based on concerns that CIT would have to write down a significant
portion of its private student loan portfolio, including the risk that
the Company would have to charge off $179 million of private student
loans made to students of Silver State, which recently filed for
bankruptcy. As a result, CIT’s stock price
dropped $4.50 on March 6, 2008.
If you are a member of the class, you may, no later than September 23,
2008, request that the Court appoint you as lead plaintiff of the class.
A lead plaintiff is a class member that acts on behalf of other class
members in directing the litigation. Although your ability to share in
any recovery is not affected by the decision whether or not to seek
appointment as a lead plaintiff, lead plaintiffs make important
decisions which could affect the overall recovery for class members.
While Izard Nobel LLP has not filed a lawsuit against the defendants, to
view a copy of the Complaint initiating the class action or for more
information about the case, class action cases in general, and your
rights, please contact Izard Nobel LLP toll-free at (800) 797-5499, or
by e-mail: firm@izardnobel.com,
or visit our website: www.izardnobel.com.
Izard Nobel LLP
Wayne T. Boulton or Nancy A. Kulesa, 800-797-5499
www.izardnobel.com
firm@izardnobel.com
