Brower Piven Encourages Investors Who Have Losses in Excess of $300,000 From Investment in State Street Corporation to Inquire A
January 04 2010 - 2:10PM
Marketwired
Brower Piven, A Professional Corporation announces that a class
action lawsuit has been commenced in the United States District
Court for the District of Massachusetts on behalf of purchasers of
the securities of State Street Corporation ("State Street
Corporation" or the "Company") (NYSE: STT) during the period
between October 17, 2006 and October 19, 2009, inclusive (the
"Class Period").
No class has yet been certified in the above action. Members of
the Class will be represented by the lead plaintiff and counsel
chosen by the lead plaintiff. If you wish to choose counsel to
represent you and the Class, you must apply to be appointed lead
plaintiff no later than February 17, 2010 and be selected by the
Court. The lead plaintiff will direct the litigation and
participate in important decisions including whether to accept a
settlement and how much of a settlement to accept for the Class in
the action. The lead plaintiff will be selected from among
applicants claiming the largest loss from investment in the Company
during the Class Period. You are not required to have sold your
shares to seek damages or to serve as a Lead Plaintiff. You may
contact Brower Piven (through hoffman@browerpiven.com or
410/415-6616) to answer any questions you may have in that
regard.
The complaint accuses the defendants of violations of the
Securities Exchange Act of 1934 by virtue of the Company's failure
to disclose during the Class Period that the Company set up a
scheme to substantially mark up foreign currency trades causing its
clients to overpay for such trades and allowing the Company to reap
illegal profits such that the Company's financial results were
materially inflated. According to the complaint, after California
Attorney General Edmund G. Brown Jr. announced, on October 20,
2009, that he had filed suit against State Street for committing
"unconscionable fraud" against California's two largest pension
funds -- California Public Employees' Retirement System ("CalPERS")
and California State Teachers' Retirement System ("CalSTRS") -- by
illegally overcharging CalPERS and CalSTRS for the costs of
executing foreign currency trades since 2001, the value of State
Street's stock declined significantly.
If you have suffered a net loss for all transactions in State
Street Corporation securities during the Class Period (including
shares or possibly calls purchased during, but not sold until after
the end of the Class Period or possibly put options sold but not
covered until after the end of the Class Period), you may obtain
additional information about this lawsuit and your ability to
become a lead plaintiff by contacting Brower Piven at
www.browerpiven.com, by email at hoffman@browerpiven.com, by
calling 410/415-6616, or at Brower Piven, A Professional
Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153.
Attorneys at Brower Piven have combined experience litigating
securities and class action cases of over 40 years. If you choose
to retain counsel, you may retain Brower Piven without financial
obligation or cost to you, or you may retain other counsel of your
choice. You need take no action at this time to be a member of the
class.
CONTACT: Charles J. Piven Brower Piven, A Professional
Corporation Stevenson, Maryland 410/415-6616 Email Contact
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