The Pomerantz New York law firm, a specialist of class actions, informed us about an action started against the giant JP Morgan Chase bank following the anoucement of an expecetd trading losses in the $2 BN magnitude.
The Complaint against the US bank alleges taht during the Class Period (April 13, 2012 to May 11, 2012) the company issued false and misleading statements regarding certain securities trading by the Company’s Chief Investment Office (« CIO »). Specifically, Defendants misrepresented and/or failed to disclose that the CIO had engaged in extremely risky and speculative trades that exposed JPMorgan to significant losses.
On May 10, 2012, JPMorgan filed its Form 10-Q for the quarter ended March 31, 2012, with the Securities and Exchange Commission. After the market closed, JPMorgan held a conference call with analysts and investors to discuss the Form 10-Q. Defendants opened the conference call by revealing that the Company’s CIO trading had sustained a multi-billion dollar trading loss. In response to this disclosure, the price of JPMorgan stock declined from $40.74 per share to $36.96 per share on extremely heavy trading volume. Case Notes:The expanded Class Period start date in this action is based on a new complaint filed by the law firm of Grant & Eisenhofer, and not on the complaint first filed by the law firm of Robbins Geller Rudman & Dowd. A copy of the new complaint will soon be available below.
The Pomerantz List of Pending Settlements and New Cases for Securities Fraud Class Action Litigations includes also names such as Liberty Media Corporation, Lehman Brothers Holdings, Inc. (for (Mortgage-Backed Securities offered 2005-2008) Wal Mart Stores (December 8, 2011 to April 20, 2012), Sonoco Products Co., Facebook, UBS AG (March 15, 2011 to September 15, 2011), BP, MLP AG (Germany), China-Biotics, Inc., China Cast Education Corporation…
PARIS 6 July 2012
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