NEW YORK, July 3, 2008 (PRIME NEWSWIRE) -- The Brualdi Law Firm P.C. announces that a lawsuit has commenced in the United States District Court Southern District of New York on behalf of purchasers of First American Corporation. ("First American" or "the Company") (NYSE:FAF) and certain of its officers and directors on behalf of purchasers of First American common stock, who purchased between April 26, 2006 and November 6, 2007, inclusive (the "Class Period").
No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased First American common stock during the period described above, you have certain rights, and have until no later than 60 days from July 3, 2008 in which to move for Lead Plaintiff status. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
To be a member of the class you need not take any action at this time, and you may retain counsel of your choice. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Sue Lee at The Brualdi Law Firm, 29 Broadway, Suite 2400, New York, New York 10006, by telephone toll free at (877) 495-1877 or (212) 952-0602, by email to slee@brualdilawfirm.com or visit our website at http://www.brualdilawfirm.com/
The lawsuit alleges the Company violated the Securities Exchange Act of 1934 by making false and misleading statements to the public in its press releases and in its Securities Exchange Commission filings. Specifically, the Complaint alleges that, during the Class Period, First American and certain of the Company's officers and directors engaged in an illegal scheme with Washington Mutual, Inc. ("WaMu") to artificially inflate appraisals of homes for use in connection with mortgages issued by WaMu. The complaint also alleges that, during the Class Period, the Company's management wrongfully reported increased earnings from appraisal fees and inaccurately reassured investors that internal controls were adequate.