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Shareholders Sue Aames Over Insider Sales

September 04, 1997|Bloomberg News

Aames Financial Corp. shareholders filed a lawsuit claiming insiders sold $24.3 million of Aames shares before announcing changes that prompted the stock to fall. The suit, filed in Superior Court in Los Angeles, claims that four Aames executives--including Chairman Gary Judis--sold a combined 608,050 shares in the company earlier this year after making a major change in corporate policy but before making it public several months later. The company's stock plunged in late April after the company said it would stop buying home loans in bulk, a move that would reduce its revenue. A spokesman for Los Angeles-based Aames said the lawsuit "has no merit, and we plan to vigorously defend ourselves." Aames Financial shares fell 69 cents to close at $18.94 on the New York Stock Exchange.

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