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BankAtlantic shares drop below $1

September 10, 2010 09:45AM

Shares of BankAtlantic Bancorp fell below a dollar on Wednesday as the
stock traded at its lowest levels in 18 months. The bank’s shares closed
at 90 cents, down 12 percent for the day. They last traded near that
mark from early to mid-March 2009, the low point of the stock market as a
whole. On Friday, there were major developments in the securities class
action lawsuit that is pending against BankAtlantic and its top
executives, with the federal judge in the case ruling that the bank’s
chairman and CEO Alan Levan made four false statements to investors
about its loan portfolio in a 2007 conference call. [SFBJ]