Regional bank BankAtlantic Bancorp filed suit Monday against well-known banking analyst Richard Bove and his firm, Ladenburg Thalmann, charging both with defamation and negligence for mentioning the company in a list of banks that might fail. BankAtlantic's shares fell 25 percent the first trading day after Bove's report was released. Highly ranked by several different outlets, Bove's commentary is frequently quoted in the financial press. But BankAtlantic maintained the methodology Bove used was flawed.
July 22, 2008 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
Regional bank BankAtlantic Bancorp filed suit Monday against well-known banking analyst Richard Bove and his firm, charging both with defamation and negligence for mentioning the company in a list of banks that might fail.
Fort Lauderdale, Fla.-based BankAtlantic filed suit in the state court for Broward County, Fla., against Bove and Ladenburg Thalmann, citing a July 13 research note that asked the question “Who is Next?” following the failure of IndyMac Bancorp.
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