Izard Nobel LLP Announces Class Action Lawsuit Against Regions Financial Corporation
October 22 2010 - 6:11PM
Marketwired
The law firm of Izard Nobel LLP, 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 Northern District of
Alabama on behalf of purchasers of the common stock of Regions
Financial Corporation ("Regions" or the "Company") (NYSE: RF)
between February 27, 2008 and January 19, 2009, inclusive (the
"Class Period").
The Complaint charges Regions and certain of its officers and
directors with violations of federal securities laws. Specifically,
the Complaint alleges that defendants made materially false
statements concerning Regions' financial performance. According to
the Complaint, the defendants concealed the following facts: (i)
that the more than $6 billion in "goodwill" Regions carried on its
books since the November 4, 2006 acquisition of AmSouth Corporation
("AmSouth") was grossly impaired and overstated; (ii) that
subsequent to the AmSouth acquisition Regions had failed to
properly test for and write down impaired goodwill, causing the
Company's balance sheet and reported financial results to be
artificially inflated; and (iii) that Regions was operating with
woefully deficient internal controls, resulting in inaccurate
financial disclosures in violation of Generally Accepted Accounting
Principles.
On February 25, 2009, defendants acknowledged in their 2008 Form
10-K filing with the SEC that the deteriorating real estate market
was the cause of these huge charges and that it had been a problem
for the Company since at least 2007.
If you are a member of the class, you may, no later than
December 20, 2010, 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.
While Izard Nobel LLP 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, and your rights,
visit: www.izardnobel.com/regions/, or contact Izard Nobel LLP
toll-free: (800) 797-5499, or by e-mail: firm@izardnobel.com. For
more information about class action cases in general, please visit
our website: www.izardnobel.com.
CONTACT: Nancy A. Kulesa or Wayne Boulton (800) 797-5499
www.izardnobel.com Email Contact
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