Schatz & Nobel, P.C. Announces Class Action Lawsuit Against First BanCorp -- FBP

5 November 2005

The law firm of Schatz & Nobel, P.C., which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the Southern District of New York on behalf of all persons who purchased the securities of First BanCorp (NYSE:FBP) between October 20, 2003 and August 25, 2005 (the "Class Period").

The Complaint alleges that First BanCorp violated federal securities laws by issuing false or misleading public statements. On August 25, 2005, First BanCorp announced that it had "received a letter from the Securities and Exchange Commission (the "SEC") in which the SEC indicated that it was conducting an informal inquiry into the Company. The inquiry pertains, among other things, to the accounting for mortgage loans purchased by the Company from two other financial institutions during the calendar years 2000 through 2004." On this news, the price of First BanCorp stock fell from a close of $19.94 per share on August 25, 2005, to close at $18.16 per share on August 26, 2005.

If you are a member of the class, you may, no later than January 2, 2006, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members, including decisions concerning settlement. The securities laws require the Court to consider the class member(s) with the largest financial interest as presumptively the most adequate lead plaintiff(s).

While Schatz & Nobel has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, class action cases in general, and your rights, please contact Schatz & Nobel toll-free at (800) 797-5499, or by e-mail at sn06106@aol.com, or visit our website: www.snlaw.net.

More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.

CONTACT:
Schatz & Nobel, P.C.
Wayne T. Boulton
Nancy A. Kulesa
(800) 797-5499
e-mail: sn06106@aol.com
www.snlaw.net