Shareholder Suing N.Y.'S Carver Federal, Claiming Stock Price at IPO Set Too High

By Epstein, Jonathan D. | American Banker, May 31, 1995 | Go to article overview

Shareholder Suing N.Y.'S Carver Federal, Claiming Stock Price at IPO Set Too High


Epstein, Jonathan D., American Banker


Seven months after its conversion to stock form, New York City's Carver Federal Savings Bank is battling a shareholder's accusations that it misled investors.

Robert L. Dougherty is suing the $368 million-asset thrift, claiming that the prospectus for the October 1994 conversion contained misrepresentations. He argues that the bank sold too much stock for too high a price per share.

In the lawsuit filed in U.S. district court in Manhattan, Mr. Dougherty, of Garden City, N.Y., is seeking class-action status on behalf of other investors.

He is seeking rescission, restitution, or unspecified monetary damages, according to a press release from the thrift.

Besides the thrift, the lawsuit also names the directors, three officers, and Carver's conversion adviser, Capital Resources.

Officials of the $368 million-asset thrift did not return telephone calls but issued a statement calling the suit "without merit" and noting that Mr. Dougherty lives outside Carver's market area of Manhattan and Brooklyn.

Mr. Dougherty owns about 15,000 shares, according to the thrift. …

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