Bernstein Liebhard LLP Announces That A Securities Class Action Has Been Filed Against JP Morgan Chase & Co.
May 15, 2012
Bernstein Liebhard LLP today announced that a securities class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of a class of purchasers (the “Class”) of JP Morgan Chase & Co. (“JP Morgan”) (NYSE: JPM) common stock during the period between April 13, 2012 and May 11, 2012 (the “Class Period”). The Complaint charges JP Morgan and certain of the Company’s executive officers with violations of sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
Defendant JP Morgan 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 JP Morgan to significant losses.
As alleged in the complaint, on May 10, 2012, JP Morgan filed its Form 10-Q for the quarter ended March 31, 2012, with the Securities and Exchange Commission. After the market closed, JP Morgan 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 JP Morgan stock declined from $40.74 per share to $36.96 per share on extremely heavy trading volume.
Plaintiffs seek to recover damages on behalf of all Class members who purchased or otherwise acquired JP Morgan common stock during the Class Period. If you purchased or otherwise acquired JP Morgan common stock during the Class Period, and either lost money on the transaction or still hold the shares, you may wish to join in this action to serve as lead plaintiff. In order to do so, you must meet certain requirements set forth in the applicable law and file appropriate papers no later than July 13, 2012.
A “lead plaintiff” is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as lead plaintiff. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Bernstein Liebhard LLP, or other counsel of your choice, to serve as your counsel in this action.
If you are interested in discussing your rights as a JP Morgan shareholder and/or have information relating to the matter, please contact Joseph R. Seidman, Jr. at (877) 779-1414 or firstname.lastname@example.org.
Bernstein Liebhard LLP has pursued hundreds of securities, consumer and shareholder rights cases and recovered over $3 billion for its clients. It has been named to The National Law Journal’s “Plaintiffs’ Hot List” in each of the last nine years.
You can obtain a copy of the complaint from the clerk of the court for the United States District Court for the Southern District of New York.