Make us your home page

BankAtlantic sues analyst Bove over negative report

BankAtlantic sued Tampa Bay stock analyst Dick Bove and his firm, Ladenburg Thalmann, Monday, saying he misrepresented the bank's financial condition.

In the wake of the recent failure of California-based IndyMac, Bove published a report last week asking "Who is next?" He placed Fort Lauderdale's BankAtlantic in or near what he called the "danger zone," based on two ratios involving nonperforming assets, which include past-due loans and those in foreclosure.

BankAtlantic didn't say how it was harmed by the report, other than that "dozens of other analysts and commentators have picked up on the Bove 'analysis,' assumed its legitimacy, and passed it on to a growing audience on the Internet."

BankAtlantic Bancorp. stock had fallen from more than $9 to $1.20 before Bove's report, after which it fell to 90 cents. The stock closed Monday at $1.68, up 21 cents. BankAtlantic said Bove misrepresented the bank's health because he analyzed numbers for the bank holding company rather than the bank itself. BFC Financial Corp. owns 23 percent of BankAtlantic Bancorp, which in turn owns BankAtlantic.

In an addendum to his report, Bove said the bank's numbers look better by themselves because the holding company bought $100-million in nonperforming assets from the bank.

"We will defend ourselves against this meritless lawsuit," a Ladenburg Thalmann spokesman said. Bove declined to comment.

BankAtlantic sues analyst Bove over negative report 07/21/08 [Last modified: Tuesday, July 22, 2008 8:17pm]
Photo reprints | Article reprints

© 2017 Tampa Bay Times


Join the discussion: Click to view comments, add yours

  1. Carrollwood fitness center employs scientific protocol to help clients


    In 2005, Al Roach and Virginia Phillips, husband and wife, opened 20 Minutes to Fitness in Lakewood Ranch, and last month they opened the doors to their new location in Carrollwood.

    Preston Fisher, a personal fitness coach at 20 Minutes To Fitness, stands with an iPad while general manager/owner Angela Begin conducts an equipment demonstration. The iPad is used to track each client's information and progress. I also included one shot of just the equipment. The center recently opened in Carrollwood. Photo by Danielle Hauser.
  2. Olive Tree branches out to Wesley Chapel


    WESLEY CHAPEL — When it came time to open a second location of The Olive Tree, owners John and Donna Woelfel, decided that Wesley Chapel was the perfect place.

    The Olive Tree expands its offerings of "ultra premium?€ extra virgin olive oils (EVOO) to a second location in Wesley Chapel. Photo by Danielle Hauser.
  3. Massachusetts firm buys Tampa's Element apartment tower

    Real Estate

    TAMPA — Downtown Tampa's Element apartment tower sold this week to a Massachusetts-based real estate investment company that plans to upgrade the skyscraper's amenities and operate it long-term as a rental community.

    The Element apartment high-rise at 808 N Franklin St. in downtown Tampa has been sold to a Northland Investment Corp., a Massachusetts-based real estate investment company. JIM DAMASKE  |  Times
  4. New York town approves Legoland proposal


    GOSHEN, N.Y. — New York is one step closer to a Lego dreamland. Goshen, a small town about fifty miles northwest of the Big Apple, has approved the site plan for a $500 million Legoland amusement park.

    A small New York town, Goshen approved the site plan for a $500 million Legoland amusement park. Legoland Florida is in Winter Haven. [Times file  photo]
  5. Jordan Park to get $20 million makeover and new senior housing

    Real Estate


    Times Staff Writer

    ST. PETERSBURG —The St. Petersburg Housing Authority, which bought back the troubled Jordan Park public housing complex this year, plans to spend about $20 million to improve the 237-unit property and construct a new three-story building for …

    Jordan Park, the historic public housing complex, is back in the hands of the St. Petersburg Housing Authority. The agency is working to improve the 237-unit complex. But the latest plan to build a new three-story building for seniors will mean 31 families have to find new homes. [LARA CERRI   |   Tampa Bay Times]