I note with interest that your firm is investigating possible illegal conduct relating to The First American Corporation 401(k) Savings Plan. Specifically, whether certain fiduciaries of the plan may have violated the Employee Retirement Income Security Act of 1974 ("ERISA") in at least two ways: (1) by allowing employee participants to invest in First American common stock when it was not prudent to do so, and (2) by failing to disclose First American’s problems.
Would your firm further consider investigating what did Parker Kennedy and Frank McMahon of the First American Corporation disclose or failed to disclose to investors when they held a conference at Lehman’s Brothers' Tenth Annual London Financial Services Conference on May 17, 2007, at 11:40 a.m. EDT.
I hereto attach a post on the Yahoo/Finance/FAF/Message board. It is rather revealing!
At the time some other posts forewarned that Lehman in conjunction with FAF was setting up a scenario to make millions of dollars by shorting the stock. Shortly after the stock reached an all time high following the FAF presentation at Lehman, Lehman downgraded the stock and FAF announced losses for the quarter! Of course the stock imploded on unprecedented volumes. It would be interesting to find out who cashed in the most on ‘short’ positions then?
Note that although they have consistently gotten away with it up to now, senior executives at FAF are not novices at manipulating the FAF stock.
On April 22, 1999 at a stock holders’ meeting Parker Kennedy guaranteed that FAF would increase its dividend some time before year end. That remark sent the stock up some $4 the next day when trading volumes increased significantly.
By the end of 1999, FAF had not increased its dividend and had been forced to review the creative accounting practices that had caused its stock to trade at inflated values. That ‘dividend increase guarantee’ remark by Kennedy and other false statements by FAF senior executives at the time were all recorded on tape and are still available to date. At the time, the audio had also been published on the web but FAF saw to it that it got removed just like some of the messages forewarning the ‘short’ strategy allegedly set up by FAF/Lehman were recently removed from the Yahoo message board!
Incidentally, a transcript of the remarks can be read in my book: ‘First American Title To Injustice’.
As a FAF stockholder I would be glad to be a signatory to any class action you may decide to bring against those rogues! They deserve to be put out of business for ever!
Would your firm further consider investigating what did Parker Kennedy and Frank McMahon of the First American Corporation disclose or failed to disclose to investors when they held a conference at Lehman’s Brothers' Tenth Annual London Financial Services Conference on May 17, 2007, at 11:40 a.m. EDT.
I hereto attach a post on the Yahoo/Finance/FAF/Message board. It is rather revealing!
At the time some other posts forewarned that Lehman in conjunction with FAF was setting up a scenario to make millions of dollars by shorting the stock. Shortly after the stock reached an all time high following the FAF presentation at Lehman, Lehman downgraded the stock and FAF announced losses for the quarter! Of course the stock imploded on unprecedented volumes. It would be interesting to find out who cashed in the most on ‘short’ positions then?
Note that although they have consistently gotten away with it up to now, senior executives at FAF are not novices at manipulating the FAF stock.
On April 22, 1999 at a stock holders’ meeting Parker Kennedy guaranteed that FAF would increase its dividend some time before year end. That remark sent the stock up some $4 the next day when trading volumes increased significantly.
By the end of 1999, FAF had not increased its dividend and had been forced to review the creative accounting practices that had caused its stock to trade at inflated values. That ‘dividend increase guarantee’ remark by Kennedy and other false statements by FAF senior executives at the time were all recorded on tape and are still available to date. At the time, the audio had also been published on the web but FAF saw to it that it got removed just like some of the messages forewarning the ‘short’ strategy allegedly set up by FAF/Lehman were recently removed from the Yahoo message board!
Incidentally, a transcript of the remarks can be read in my book: ‘First American Title To Injustice’.
As a FAF stockholder I would be glad to be a signatory to any class action you may decide to bring against those rogues! They deserve to be put out of business for ever!
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