Securities Lawsuit Investigation | Company: Bank of America Corporation | For: Misleading Sales Forecasts, Failure to Disclose Information, Artificially Inflated Stock Prices
Gilman Law LLP, a leading national securities law firm, is actively investigating shareholder allegations that Bank of America Corporation violated the Securities Exchange Act 1940. Charlotte, North Carolina-based Bank of America, which trades on the NYSE under ticker BAC, is one of the world’s largest financial institutions. If you are or were a stakeholder in Bank of America, who purchased shares between February 25, 2011 and August 5, 2011, and believe that you were defrauded, Gilman Law will fight for you. For over 40 years, the lawyers at Gilman Law have been involved in all major aspects of securities fraud litigation. The firm handles cases involving stock manipulation, securities fraud, and shareholder rights violations.
You may also be entitled to a PSLRA (Private Securities Litigation Reform Act) claim. PSLRA claims need to be filed by no later than November 22, 2011. Under PSLRA, a plaintiff must file a claim for securities fraud within a 60 day time period and must also have ” the largest financial interest in the relief sought by the class” and “otherwise satisfies the requirements of Rule 23 of the Federal Rules of Civil Procedure.” PSLRA is one of five actions that can be taken.
Failure to Disclose Material Information To The Investing Public
The shareholder lawsuit alleges that Bank of America failed to disclose material information to the investing public regarding potential sums owed. Bank of America potentially owes AIG over $10 billion for the recovery of losses from residential mortgage-backed securities (RMBS) sold to AIG by Bank of America and its subsidiaries Merrill Lynch & Co., Inc. and Countrywide Financial Corp. between 2005 and 2007.
Misleading Sales Forecasts
Repeated Assurances Of Residential Mortgage-Back Securities (“RMBS”) Losses but not about the massive losses suffered by
A class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of the securities of BofA. The suit alleges that BofA never disclosed a potential cause of action against BofA. Defendants repeatedly assured investors about the claims of other entities for residential mortgage-back securities (“RMBS”) losses but not about the massive losses suffered by American International Group, Inc. (“AIG”).
Failure To Disclose Its Potential Liability To AIG Artificially Inflated Bank of America’s Stock Prices
Bank of America’s failure to disclose its potential liability to AIG artificially inflated Bank of America’s stock prices. On August 8, 2011, AIG filed suit against Bank of America in New York State Court to recover $10 billion in losses from its purchase of $28 billion in RMBSs from Bank of America and its subsidiaries. When the lawsuit was announced, Bank of America stock dropped 20% in one trading day, falling from $8.17 per share to $6.51 per share.
Gilman Law LLP is one of the country’s premier national law firms that represents institutional and individual investors in class actions, complex securities and corporate governance litigation. The firm has been a champion of investor rights for over 35 years and has been recognized for its reputation for excellence by the courts. Gilman Law has extensive experience representing both individual and institutional investors in securities class action suits. Gilman Law has recovered over a billion dollars for its clients and can help you recover any losses that you have incurred as a result of fraudulent practices. For a free evaluation of your case or to obtain additional information, please fill out the form on the left or call Toll Free 1-888-252-0048.
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