BankAtlantic Bancorp Inc. and its chief executive officer lost a bid to dismiss a Securities and Exchange Commission lawsuit alleging they misled investors about the extent of the losses the bank was facing because of a troubled loan portfolio.
In SEC v. BankAtlantic BanCorp Inc ., U.S. District Judge Robert Scola ruled Tuesday the SEC can proceed with allegations of disclosure fraud and misrepresentations or omissions in earning statements and investor conference calls. He dismissed parts of two of seven counts in the lawsuit against the bank and chief executive officer Alan Levan, while giving the agency permission to amend its complaint.
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