Brower Piven Encourages Investors Who Have Losses in Excess of $200,000 From Investment in Fifth Third Bancorp to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the August 19, 2008 Lead Plaintiff Deadline
SOURCE:
Brower Piven, A Professional Corporation
2008-07-28 12:57:00
Brower Piven Encourages Investors Who Have Losses in Excess of $200,000 From Investment in Fifth Third Bancorp to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the August 19, 2008 Lead Plaintiff Deadline
BALTIMORE, MD–(EMWNews – July 28, 2008) – Brower Piven, A Professional Corporation
announces that a class action lawsuit has been commenced in the United
States District Court for the Southern District of Ohio on behalf of all
persons who purchased the securities of Fifth Third Bancorp (“FITB” or the
“Company”) (
2007 through June 17, 2008, inclusive (the “Class Period”), against the
Company and Kevin T. Kabat, the Company’s president and chief executive
officer, alleging violations under the Securities Exchange Act of 1934.
This action is also brought on behalf of a sub-class of Class members who
purchased $750,000,000 (in aggregate liquidation amount) of 7.25% Trust
Preferred Securities, liquidation amount $25 per security, which were
registered pursuant to an automatic shelf registration statement on Form
S-3 (SEC File Nos. 333-141560 and 333-141560-03) filed with the Securities
and Exchange Commission on March 26, 2007, the sale of which to investors
was in an initial public offering which became effective on or about
October 25, 2007, Fifth Third Capital Trust VI (
pursue remedies under Sections 11 and 15 of the Securities Act of 1933 (the
“Securities Act”). The Securities Act claim is also bought against the
underwriters of Fifth Third Capital Trust VI preferred securities,
Citigroup Global Markets Inc.; Merrill Lynch, Pierce, Fenner & Smith
Incorporated; Morgan Stanley & Co. Incorporated; UBS Securities LLC.; Banc
of America Securities LLC; and Credit Suisse Securities (USA) LLC.
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 August 19, 2008
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 may contact Brower Piven (through [email protected] or
410/332-0030) to answer any questions you may have in that regard.
The Complaint alleges, among other things, that Defendants issued
materially false and misleading statements concerning the quality of Fifth
Thirds Tier 1 capital, the relevant ratios and sufficiency of its Tier 1
capital, the necessity to take net charge-offs stemming from increasing
credit losses, and the need to shore up capital due to its exposure to
poorly performing real estate markets in the Mid-West region. The
complaint also alleges that as a result of these materially false and
misleading statements and omissions, plaintiffs allege that the price of
Fifth Third’s securities was artificially inflated during the Class Period.
The complaint also alleges that on June 18, 2008, the Company disclosed
certain of the adverse factors of FITB’s business and announced that it
would slash its quarterly dividend and its earnings would be as little as 1
to 5 cents a share for the second quarter and that the Company said it
would sell subsidiaries and issue preferred stock to raise $2 billion.
These disclosures caused Fifth Third’s common stock to decline 27%, to
close on June 18, 2008 at $9.26 per share on very heavy volume. The
Company’s stock had traded as high as $28.00 per share in February 2008.
If you have suffered a net loss for all transactions in Fifth Third Bancorp
securities during the Class Period (including shares or calls purchased
during, but retained after, the Class Period or put options sold but not
covered until after 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
[email protected], by calling 410-332-0030, or at Brower Piven, A
Professional Corporation, The World Trade Center-Baltimore, 401 East Pratt
Street, Suite 2525, Baltimore, Maryland 21202. 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 not take any action at this time to be a
member of the class.
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