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You must submit the settlement "Proof" form attached below, in order to participate in this settlement. There is a strict deadline of November 14, 2016 by which all claims must be submitted. The instructions for submitting are included in the "Proof" and the "Notice" files attached below for your download. DO NOT SEND THE FORMS TO THE SHAREHOLDERS FOUNDATION, INC.
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To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Lawsuit Overview
Settlement Overview
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December 27, 2016 - The court approved the settlement.
June 15, 2016 - The court preliminarily approved the settlement.
March 11, 2016 - A stipulation of settlement was filed by the parties.
April 17, 2013 - The court denied the defendants' motion to dismiss.
August 13, 2012 - An amended consolidated complaint was filed.
July 11, 2012 - The court in part denied and in part granted the defendants' motion to dismiss.
January 11, 2012 - A motion to dismiss the consolidated complaint was filed.
September 23, 2011 - A consolidated complaint was filed.
February 2, 2011 - An investor in shares of Bank of America Corporation (NYSE: BAC) filed a lawsuit in the U.S. District Court for the Southern District of New York against Bank of America Corporation (NYSE: BAC) over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between January 20, 2010 and October 19, 2010.
According the complaint the plaintiff alleges on behalf of all purchasers of Bank of America Corporation (NYSE: BAC) common stock during the period between January 20, 2010 and October 19, 2010 that Bank of America Corporation and certain of its officers and directors violated against the Securities Exchange Act of 1934. The complaint alleges that between January 20, 2010 and October 19, 2010 defendants issued materially false and misleading statements regarding the Company’s business. Defendants concealed defects in the recording of mortgages and improprieties with respect to the preparation of foreclosure paperwork that harmed Bank of America Corporation’s investors when Bank of America Corporation had to temporarily discontinue foreclosures and admit to the problems it was experiencing. For much of between January 20, 2010 and October 19, 2010, defendants allegedly also concealed that Bank of America Corporation had previously engaged in a practice known as “dollar rolling,” wherein it omitted billions of dollars in debt from its balance sheet reported to the public.
According to the complaint, as a result of defendants’ false statements, Bank of America Corporation’s stock traded at artificially inflated prices between January 20, 2010 and October 19, 2010, reaching a high of $19.48 per share on April 15, 2010. Beginning in May 2010, Bank of America Corporation began disclosing aspects of its “repo-to-maturity” transactions (dollar rolling), claiming the transactions did not have a material impact on Bank of America Corporation’s balance sheet.
Later, in October 2010, Bank of America Corporation announced a nationwide foreclosure halt pending a review of its foreclosure processes and whether there were irregularities with respect to its previously completed foreclosure activities.
Then, on October 19, 2010, Bank of America Corporation announced its third quarter 2010 financial results, reporting a net loss of $7.3 billion and a diluted earnings per share loss of $0.77. Bank of America Corporation further reported receiving $18 billion in claims about faulty home loans that it may have to repurchase.
On this news, Bank of America Corporation stock dropped $0.54 per share, to close at $11.80 per share on October 19, 2010 – a one-day decline of 5% and a nearly 42% decline from the stock’s high between January 20, 2010 and October 19, 2010.