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Dreier commences class action lawsuit against PMI

Law firm Dreier has commenced a class action lawsuit against The PMI Group in the US District Court for the Northern District of California on behalf of investors who purchased PMI common stock during the period from November 2, 2006 through March 3, 2008, both dates inclusive.

The complaint alleges that PMI and certain of its officers and directors (collectively, the defendants) violated the Securities Exchange Act of 1934.

The complaint charges the defendants with materially false and misleading statements concerning PMI’s business and financial results.

PMI, through its subsidiaries, provides credit enhancement products designed to promote homeownership and facilitate mortgage transactions in the capital markets in the US, Australia, New Zealand and the European Union.