Cohen Milstein Sellers & Toll files lawsuit against Corus Bankshares

The law firm Cohen Milstein Sellers & Toll has commenced a class action lawsuit in the US District Court for the Northern District of Illinois on behalf of purchasers of the common stock of Corus Bankshares during the period between January 25, 2008 and January 30, 2009.

The complaint accuses the company of violating of the Securities Exchange Act of 1934 by failing to disclose during the class period the full extent of its exposure to loan losses and that it engaged in a scheme to artificially inflate the value of the collateral for its loans by buying condominiums in developments it had financed to create the appearance of successful sales and to create a sales history for appraisers to rely upon to inflate appraisal values.

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Related terms: lawsuit, sales