Standard Pacific Corporation Case 8/16/2007

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Company Name(s): 
Standard Pacific Corporation
Case Name: 
Standard Pacific Corporation Case 8/16/2007
Case Status: 
Lawsuit Filed
Affected Securities
NYSE: SPF
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
08/16/2005
Class Period Begin: 
10/27/2005
Class Period End: 
08/02/2007
Court of Filing: 
United States District Court for the Central District of California
Summary: 

As summarized by the Company’s SEC filing for the quarterly period ended September 30, 2007, on August 16, 2007, a securities class action lawsuit was filed in the United States District Court for the Central District of California (Case No. CV07-05364) against the Company’s Executive Vice President-Finance and Chief Financial Officer by putative plaintiff Vinod Patel. The Company was not named in the complaint. The complaint alleges a breach of fiduciary duties to the Company’s stockholders, as well as violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended, and Rule 10b-5 promulgated thereunder, during the period between October 27, 2005 and August 2, 2007. Specifically, the complaint alleges that the Company: (i) issued materially false and misleading statements regarding its finances, business and prospects; (ii) lacked requisite internal controls over lending practices; and (iii) misrepresented the extent of risk in the Company’s loans. The complaint seeks an unspecified amount of damages (including interest), reasonable costs and attorneys’ fees, as well as equitable, injunctive or other relief that the court may deem just and proper. The complaint has not been served. On October 19, 2007, putative class members Pinellas Park Retirement System (General Employees), Plumbers Local No. 98 Defined Benefit Pension Fund, and City of Pontiac General Employees’ Retirement System filed a Motion for Appointment as Lead Plaintiffs.