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”) (NASDAQ: FITB) (NYSE: FTB-PA) (NYSE: FTB-PC) from October 19,

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 (NYSE: FTB-PB), seeking to

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 hoffman@browerpiven.com 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

hoffman@browerpiven.com, 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.

CONTACT:
Charles J. Piven
Brower Piven, A Professional Corporation
Baltimore, Maryland
410/332-0030

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