Press release from Business Wire
Robbins Geller Rudman & Dowd LLP Files Class Action Suit against JPMorgan Chase & Co.
Monday, May 14, 2012
Robbins Geller Rudman & Dowd LLP Files Class Action Suit against JPMorgan Chase & Co.18:43 EDT Monday, May 14, 2012 NEW YORK (Business Wire) -- Robbins Geller Rudman & Dowd LLP (“Robbins Geller”) (http://www.rgrdlaw.com/cases/jpmorganchase/) today announced that a class action has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of JPMorgan Chase & Co. (“JPMorgan”) (NYSE:JPM) common stock during the period between April 13, 2012 and May 11, 2012 (the “Class Period”). If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from today. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel, Samuel H. Rudman or David A. Rosenfeld of Robbins Geller at 800/449-4900 or 619/231-1058, or via e-mail at firstname.lastname@example.org. If you are a member of this class, you can view a copy of the complaint as filed or join this class action online at http://www.rgrdlaw.com/cases/jpmorganchase/. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. The complaint charges JPMorgan and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Defendant JPMorgan is a financial holding company, which provides various financial services worldwide. During the Class Period, as alleged in the complaint, Defendants issued materially 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. As alleged in the complaint, 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. Plaintiff seeks to recover damages on behalf of all purchasers of JPMorgan common stock during the Class Period (the “Class”). The plaintiff is represented by Robbins Geller, which has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud. Robbins Geller represents U.S. and international investors and consumers in contingency based complex litigation. With nearly 200 attorneys in nine offices, the firm represents more institutional investors and pension funds in securities and corporate litigation than any other law firm in the world. Not only has the firm obtained six of the largest recoveries in history, but the firm has been ranked number one in the number of shareholder class action recoveries in MSCI's Top SCAS 50 every year since 2003. According to Cornerstone Research, the firm's recoveries have averaged 35% above the median for all firms over the past seven years (2005-2011). Please visit http://www.rgrdlaw.com for more information. Robbins Geller Rudman & Dowd LLPSamuel H. Rudman, 800-449-4900David A. Rosenfelddjr@rgrdlaw.com