During cross-examination by shareholder attorney Mark S. Arisohn, Levan repeatedly said he acknowledged his worries in quarterly reports and conference calls with stock analysts in 2007. His misgivings became a reality when the housing meltdown triggered loan defaults that sent the company’s stock plummeting.
Shareholders in the securities fraud class action led by the State-Boston Retirement System claim company executives identified problem loans before the downturn but didn’t warn them soon enough.
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