Brower Piven Encourages Investors Who Have Losses in Excess of $250,000 From Investment in Wilmington Trust Corporation to Inqui
December 03 2010 - 4:04PM
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 Delaware on behalf of all purchasers of
the securities of Wilmington Trust Corporation ("Wilmington Trust"
or the "Company") (NYSE: WL) who purchased or otherwise acquired
Wilmington Trust securities between April 18, 2008 and October 29,
2010, inclusive (the "Class Period"), including purchasers of the
securities issued pursuant and/or traceable to the Company's public
offering on or about February 23, 2010.
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 January 18, 2011 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.
The Complaint charges Wilmington Trust and certain of its
officers, directors, executives and underwriters with violations of
the Securities Act of 1933 and the Securities Exchange Act of 1934
by virtue of the Company's failure to disclose during the Class
Period that the Company improperly delayed recording loan charge
offs such that the Company's reported income and asset quality were
materially overstated due to Defendants' material understatement of
Wilmington's loan loss provisions, loan loss reserves and income
tax expense.
According to the complaint, on November 1, 2010, Wilmington
announced it lost $365.3 million in the third quarter ending
September 30, 2010, primarily as a result of a $281.5 million
charge to reflect the increased risk in the Company's loan
portfolio, and a $100.7 million income tax charge resulting from
the Company's continued losses and the uncertainty about the
reliability of Wilmington's deferred tax asset due to the poor
credit quality of its loan portfolio, the value of Wilmington stock
declined significantly.
If you have suffered a net loss for all transactions in
Wilmington Trust 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 50 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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