Shareholder Alert: Robbins LLP Reminds Investors Fifth Third Bancorp (FITB) Sued for Misleading Shareholders
May 07 2020 - 6:50PM
Business Wire
Shareholder rights law firm Robbins LLP reminds investors that a
purchaser of Fifth Third Bancorp (NASDAQ: FITB) filed a class
action complaint against the Company for alleged violations of the
Securities Exchange Act of 1934 between February 26, 2016 and March
6, 2020. Fifth Third operates as a diversified financial services
company in the United States.
If you suffered a loss as a result of Fifth Third's misconduct,
click here.
Fifth Third Bancorp (FITB) Accused of Misleading
Shareholders
According to the complaint, throughout the relevant period,
Fifth Third continuously touted its "cross-sell" strategy to
increase products and services and its robust compliance risk
management systems. Then, on March 2, 2020, Fifth Third disclosed
in its annual report for 2019 that the U.S. Consumer Financial
Protection Bureau ("CFPB") "notified Fifth Third that it intends to
file an enforcement action in relation to alleged unauthorized
account openings." Finally, on March 9, 2020, the CFPB announced
that it filed a lawsuit against Fifth Third in federal court
alleging that for several years and until at least 2016, "Fifth
Third without consumer's knowledge or consent: opened deposit and
credit-card accounts in consumers' names; transferred funds from
consumers' existing accounts to new, improperly opened accounts;
enrolled consumers in unauthorized online-banking services; and
activated unauthorized lines of credit on consumers' accounts." The
CFPB further alleged that Fifth Third knew of the wrongdoing since
2008 but failed to take sufficient steps to stop the conduct and
remediate harmed consumers. On this news, Fifth Third's stock price
fell 13% over the next three trading days to close at $15.90 per
share.
Fifth Third Bancorp (FITB) Shareholders Have Legal
Options
Contact us to learn more: Leo Kandinov (800) 350-6003
lkandinov@robbinsllp.com Shareholder Information Form
Robbins LLP is a nationally recognized leader in shareholder
rights law. The firm represents individual and institutional
investors in shareholder derivative and securities class action
lawsuits, and has helped its clients realize more than $1 billion
of value for themselves and the companies in which they have
invested. Click here to receive free alerts from Stock Watch when
companies engage in wrongdoing.
Attorney Advertising. Past results do not guarantee a similar
outcome.
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version on businesswire.com: https://www.businesswire.com/news/home/20200507006210/en/
Leo Kandinov Robbins LLP 5040 Shoreham Place San Diego, CA 92122
lkandinov@robbinsllp.com (619) 525-3990 or Toll Free (800) 350-6003
www.robbinsllp.com
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