Criimi Mae and certain of its officers and directors have been named as defendants in a lawsuit filed in U.S. District Court for the Eastern District of New York on behalf of purchasers of the company's common stock between February 20, 1998 and October 5, 1998.The complaint charges the defendants with concealing the company's true financial health in order to inflate the price of the company's stock, and with misrepresenting the company's impaired assets, earnings and capital position during the Class Period. Attorneys for the plaintiffs are contending that shareholders were led to believe, among other things, that Criimi Mae was insulated from market fluctuations.
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