WILMINGTON, Del., June 01, 2020 (GLOBE NEWSWIRE) — Rigrodsky & Long, P.A. reminds investors of upcoming deadlines involving securities fraud class action lawsuits commenced against the following companies:
Fifth Third Bancorp (NASDAQ GS:
Class Period: February 26, 2016 – March 6, 2020
Lead Plaintiff Deadline: June 8, 2020
According to the Complaint, on March 2, 2020, Fifth Third filed an Annual Report on Form 10-K with the SEC, reporting the Company’s financial and operating results for the quarter and year ended December 31, 2019 (the “2019 10-K”). According to the 2019 10-K, U.S. Consumer Financial Protection Bureau (“CFPB”) staff “notified Fifth Third that it intends to file an enforcement action in relation to alleged unauthorized account openings.”
However, the true scope of the Company’s alleged wrongdoing, and potential liability with respect to unauthorized account openings, was left undisclosed in the 2019 10-K, and was actively downplayed by the Company, thereby causing the Company’s stock price to continue to trade at artificially inflated prices throughout the remainder of the Class Period.
Then, on March 9, 2020, the CFPB announced that it had filed a lawsuit against Fifth Third Bank in federal court, disclosing significant additional information concerning its investigation into the Company that the Company had previously failed to disclose. Specifically, the CFPB “allege[d] that for several years,” and until at least 2016, “Fifth Third [Bank], without consumers’ knowledge or consent: opened deposit and credit-card accounts in consumers’ names; transferred funds from consumers’ existing accounts to new, improperly opened accounts; enrolled consumers in unauthorized online-banking services; and activated unauthorized lines of credit on consumers’ accounts.” The CFPB further alleged that, “despite knowing since at least 2008 that employees were opening unauthorized consumer-financial accounts, Fifth Third [Bank] took insufficient steps to detect and stop the conduct and to identify and remediate harmed consumers.” Consequently, the CFPB concluded that Fifth Third Bank “violated the Consumer Financial Protection Act’s prohibition against unfair and abusive acts or practices as well as the Truth in Lending Act and the Truth in Savings Act and their implementing regulations.”
To learn more, visit: https://rl-legal.com/cases-fifth-third-bancorp
Baidu, Inc. (NASDAQ GS:
Class Period: March 16, 2019 – April 7, 2020
Lead Plaintiff Deadline: June 22, 2020
According to the Complaint, on April 7, 2020, post-market, China’s internet regulator, the Cyberspace Administration of China (“CAC”), ordered Baidu to clean up improper information and halt the spread of “low-brow content.” Specifically, the CAC stated that search engine Baidu’s content review on some of its news feed channels is not “strict,” “exerted bad influence to the society,” and violated relevant Chinese laws and regulations.
To learn more, visit: https://rl-legal.com/cases-baidu-inc.
If you would like to discuss any of these lawsuits and your rights cost and obligation free, please contact Seth D. Rigrodsky or Timothy J. MacFall toll-free at (888) 969-4242 or by e-mail at firstname.lastname@example.org.
A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Any member of the proposed 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.
Rigrodsky & Long, P.A., with offices in Delaware and New York, has recovered hundreds of millions of dollars on behalf of investors and achieved substantial corporate governance reforms in securities fraud and corporate class actions nationwide.
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