Update In Shareholder Class Action Lawsuit Against BankUnited Financial Corporation (NASDAQ: BKUNA)

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) October 17, 2008 -- There is a deadline coming up in the shareholder lawsuit against BankUnited Financial Corporation (NASDAQ: BKUNA) over allegedly false and misleading statements. The deadline will expire on November 14th, 2008.

If you purchased or otherwise acquired BankUnited Financial Corporation (“BankUnited”) (NASDAQ:BKUNA) common stock during the period between April 18th, 2006 and June 18th, 2008 you have certain options and there are strict and short deadlines running (November 14th, 2008). You should immediately contact the Shareholders Foundation, Inc.!

Email: Mail@ShareholdersFoundation.com

or Call us TODAY!

Phone: +1-(858)-779-1554

On Tuesday, September 16th, 2008, a shareholder of BankUnited Financial Corporation has filed a proposed class action lawsuit in the United States District Court for the Southern District of Florida on behalf of purchasers of BankUnited Financial Corporation (“BankUnited”) (NASDAQ:BKUNA) common stock during the period between April 18th, 2006 and June 18th, 2008 over allegedly false and misleading statements concerning certain Losses, mortgage appraisal process, and mortgages policies with regard to “piggy-back” loans. According to the complaint the plaintiff alleges BankUnited and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Specifically the complaint alleges that during period between April 18, 2006 and June 18, 2008 , defendants made false and misleading statements about BankUnited. Specifically the lawsuit alleges that defendants misrepresented in regards to:

(a) the losses the Company was likely to suffer due to BankUnited’s poor underwriting standards, which losses would occur once interest rates reset on the billions of dollars of pay-option arms (adjustable rate mortgages where borrowers had the ability to choose their payment amount during the initial period of the loan);

(b) BankUnited’s sketchy appraisal process, which permitted borrowers to obtain mortgages in excess of their ability to pay and in excess of the value of the underlying property; and

(c) BankUnited’s policies with regard to “piggy-back” loans, which are essentially second mortgages made at the time a home is purchased to fund a down payment.

When the truth began to come to light, BankUnited’s stock price plunged, damaging innocent investors, so the lawsuit. Plaintiff seeks to recover damages on behalf of all purchasers of BankUnited common stock April 18th, 2006 and June 18th, 2008.

If you purchased or otherwise acquired BankUnited Financial Corporation (“BankUnited”) (NASDAQ:BKUNA) common stock during the period between April 18th, 2006 and June 18th, 2008 you have certain options and there are strict and short deadlines running (November 14th, 2008). You should immediately contact the Shareholders Foundation, Inc.!

Email: Mail@ShareholdersFoundation.com

or Call us TODAY!

Phone: +1-(858)-779-1554

For more information: www.ShareholdersFoundation.com

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