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Bank of America Corporation (NYSE: BAC) Investor Securities Class Action Lawsuit 09/23/2011

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Lawsuit Overview

Case Dismissed
Company
Bank of America
Security
NYSE: BAC

Case Name
Bank of America Shareholder Class Action Lawsuit 09/23/2011
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Southern District of New York

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

November 4, 2013 - The court granted the defendants' motion to dismiss.

December 6, 2012 - A motion to dismiss the second amended complaint was filed.

October 26, 2012 - A second amended complaint amended complaint was filed.

August 28, 2012 - A motion to dismiss the amended complaint was filed.

July 20, 2012 - An amended complaint was filed.

September 23, 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 over alleged violations of Federal Securities Laws. According to the complaint the plaintiff alleges on behalf of purchasers of Bank of America Corporation (NYSE: BAC) common stock during the period between February 25, 2011 and August 5, 2011, that Bank of America Corporation and certain of its officers and directors violated the Securities Exchange Act of 1934.

The plaintiff alleges that defendants between February 25, 2011 and August 5, 2011 misled investors by failing to disclose that Bank of America Corporation potentially owes American International Group, Inc. (“AIG”) over $10 billion. Specifically, so the lawsuit, defendants’ statements between February 25, 2011 and August 5, 2011 were materially false and misleading for failing to disclose that between 2005 and 2007, Bank of America Corporation and two companies that Bank of America Corporation acquired – Merrill Lynch & Co., Inc. (“Merrill Lynch”) and Countrywide Financial Corporation (“Countrywide”) – and their subsidiaries sold AIG over $28 billion in residential mortgage-backed securities (“RMBS”), and that as a result of these sales, AIG suffered losses in excess of $10 billion and Bank of America Corporation was potentially subject to suit for those losses.

However, between February 25, 2011 and August 5, 2011 defendants repeatedly informed investors about the claims of other entities for their RMBS losses but not about the massive losses suffered by AIG, so the lawsuit.

Then on August 8, 2011, AIG filed suit against Bank of America Corporation seeking to recover the losses it had suffered from the RMBS that Bank of America Corportaion, Countrywide, and Merrill Lynch had sold it between 2005 and 2007. Bank of America Corporation (NYSE: BAC) stock, which traded during ‘07 as high as $54.05 per share, fell from $9.54 per share on August 3, 2011 to $6.51 per share on August 8, 2011 and closed recently at $6.31 per share.