A Pennsylvania law firm said it has filed a prospective shareholders class action in federal court against mortgage insurer PMI Group, accusing the management of hiding its deteriorating financial picture.
The lawsuit against Walnut Creek, Calif.-based PMI–a major stakeholder in Financial Guaranty Insurance Company (FGIC)–alleged the company acted improperly from Nov. 2, 2006 until March 3, when it disclosed big losses.
In a complaint filed with U.S. District Court in San Francisco by the Schiffrin Barroway Topaz & Kessler law firm, PMI and its officers and directors were accused of actions that violated the 1934 Securities Exchange Act.
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