On April 4, 2008, the District Court appointed State-Boston Retirement System as Lead Plaintiff and approved its selection of Labaton Sucharow LLP to serve as Lead Counsel in Hubbard v. BankAtlantic, et al., No. 07-61542 UU (S.D. Fla.), a consolidated class action asserting claims under Sections 10(b), 20(a) and 20A of the Securities Exchange Act of 1934. The Action is brought on behalf of a class of investors injured as a result of their purchases of the stock of BankAtantic, between November 9, 2005 and October 25, 2007.

Lead Plaintiff alleges, among other matters, that BankAtlantic Bancorp Inc., ("BankAtlantic" or " the Company") and certain executives and directors (collectively "Defendants") violated securities laws by making false and misleading statements concerning: BankAtlantic's business as a lender for commercial real estate loans, the creditworthiness of borrowers, its reckless underwriting, appraisal and lending practices, loan loss and other accounting provisions, and by misrepresenting the riskiness of its commercial real estate portfolio of over $530 million of concentrated, high risk, under-collateralized land development loans.

Benefiting from these misrepresentations to the public, certain of the individual defendants took advantage by selling over $7.9 million of their personal shares of the Company's stock before the truth was revealed. Once the truth came out, the Company's stock price plummeted from a class period high of over $15.00 a share to less than $5.00 a share.

On April 22, 2008, the Consolidated Amended Complaint was filed providing substantially more detail concerning the Defendants' fraudulent scheme. Thereafter, Defendants' filed a Motion to Dismiss. Lead Plaintiff will file a response in opposition to Defendants' motion by July 21, 2008.

The action is currently pending in the Southern District of Florida before the Honorable Ursula Ungaro.