Izard Nobel LLP Announces Class Action Lawsuit Against State Street Corporation
December 21 2009 - 5:32PM
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 District of
Massachusetts on behalf of those who purchased the securities of
State Street Corporation ("State Street Corporation" or the
"Company") (NYSE: STT) between October 17, 2006 and October 19,
2009 (the "Class Period").
The Complaint charges that State Street and certain of its
executive officers violated federal securities laws. Specifically,
defendants failed to disclose and/or misrepresented the following
facts: (i) that State Street set up a scheme to substantially mark
up foreign currency trades; (ii) that such scheme caused State
Street's clients to overpay for such trades; (iii) that the scheme
allowed the Company to reap illegal profits; (iv) that, as a
result, the Company's financial results were materially inflated;
(v) that the Company's financial results were not prepared in
accordance with Generally Accepted Accounting Principles ("GAAP");
and (vi), 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 had illegally overcharged California's two largest
pension funds for the costs of executing foreign currency trades
since 2001. On this news, shares of State Street fell $4.41 to
close at $47.84 per share on October 20, 2009.
If you are a member of the class, you may, no later than
February 17, 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/statestreet/, 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
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