Glancy Binkow & Goldberg LLP, Representing Investors Who Purchased State Street Corporation, Announces Class Action Lawsuit &...
December 19 2009 - 8:49AM
Business Wire
Notice is hereby given that Glancy Binkow & Goldberg LLP has
filed a class action lawsuit in the United States District Court
for the District of Massachusetts on behalf of a class consisting
of all persons or entities who purchased the securities of State
Street Corporation (“State Street” or the “Company”)
(NYSE:STT) between October
17, 2006 and October 19, 2009, inclusive (the “Class Period”).
A copy of the Complaint is available from the court or from
Glancy Binkow & Goldberg LLP. Please contact us by phone to
discuss this action or to obtain a copy of the Complaint at (310)
201-9150 or Toll Free at (888) 773-9224, by email at
shareholders@glancylaw.com, or visit our website at
http://www.glancylaw.com.
The Complaint charges State Street and certain of the Company’s
executive officers with violations of federal securities laws.
State Street is a provider of financial services to institutional
investors including investment servicing, investment management,
and investment research and trading. The Complaint alleges that
throughout the Class Period defendants made false and/or misleading
statements, as well as failed to disclose material adverse facts
about the Company's business, operations and prospects.
Specifically, defendants made false and/or misleading statements
and/or failed to disclose: (1) that the Company set up a scheme to
substantially mark up foreign currency trades; (2) that such scheme
caused State Street’s clients to overpay for such trades; (3) that
the scheme allowed the Company to reap illegal profits; (4) that,
as a result, the Company’s financial results were materially
inflated; (5) that the Company's financial results were not
prepared in accordance with Generally Accepted Accounting
Principles ("GAAP"); and (6), that the Company lacked adequate
internal and financial controls.
On October 20, 2009, California Attorney General Edmund G. Brown
Jr., announced that he had filed suit against State Street alleging
the Company committed “unconscionable fraud” against California's
two largest pension funds – California Public Employees’ Retirement
System (“CalPERS”) and California State Teachers’ Retirement System
(“CalSTRS”) – and “illegally overcharged CalPERS and CalSTRS for
the costs of executing foreign currency trades since 2001.”
On this news, shares of State Street declined $4.41 per share,
nearly 8.5%, to close on October 20, 2009, at $47.84 per share, on
unusually heavy volume.
Plaintiff seeks to recover damages on behalf of class members
and is represented by Glancy Binkow & Goldberg LLP, a law firm
with significant experience in prosecuting class actions, and
substantial expertise in actions involving corporate fraud.
If you are a member of the class described above, you may move
the Court, no later than February 17, 2010, to serve as lead
plaintiff, however, you must meet certain legal requirements. If
you wish to discuss this action or have any questions concerning
this Notice or your rights or interests with respect to these
matters, please contact Michael Goldberg, Esquire, or Richard A.
Maniskas, Esquire, of Glancy Binkow & Goldberg LLP, 1801 Avenue
of the Stars, Suite 311, Los Angeles, California 90067, by
telephone at (310) 201-9150 or Toll Free at (888) 773-9224, by
e-mail to shareholders@glancylaw.com, or visit our website at
http://www.glancylaw.com.
State Street (NYSE:STT)
Historical Stock Chart
From May 2024 to Jun 2024
State Street (NYSE:STT)
Historical Stock Chart
From Jun 2023 to Jun 2024