Big drops in shares of sub prime lenders

CNNMoney.com – On Wall Street, the biggest loser Monday was New Century Financial (Charts), the No. 2 subprime lender according to Inside B&C Lending. Its shares plunged nearly 70 percent in midafternoon trading Monday after the company said in a filing late Friday that it was facing a criminal probe of its practices by the Justice Department and that its outside auditor, KPMG, said it now believed there was substantial doubt about New Century’s ability to function as a going concern.