An investor in Fifth Third Bancorp (NASDAQ:FITB) filed a lawsuit against certain of Fifth Third Bancorp’s officers and directors over alleged breaches of fiduciary duty.
Fifth Third Bancorp, located in Cincinnati, OH, is a diversified financial services company. The Bancorp operates in four business segments: Commercial Banking, Branch Banking, Consumer Lending and Investment Advisors. The plaintiff alleges that Fifth Third Bancorp inflated its share price through false and misleading statements, and it lost $11.7 billion in market capitalization when the truth came out. A previous investigation by a law firm on behalf of current long term investors in Fifth Third Bancorp (NASDAQ:FITB) stock focuses, among other things, on possible claims that certain of Fifth Third Bancorp’s senior officers were unjustly enriched through their receipt of unwarranted, excessive or unearned compensation in past years. The investigation also concerns potential breaches of fiduciary duty in connection with certain tax schemes, liabilities, and settlements, repurchases of company stock, insider tradings, massive losses, and other events.

Fifth Third Bancorp faces also two lawsuits on behalf of investors of Fifth Third Bancorp . One lawsuit was filed in connection with Fifth Third's acquisition of First Charter on June 6, 2008. The other lawsuit was filed also on behalf of investors who purchased $750,000,000 (in aggregate liquidation amount) of 7.25% Trust Preferred Securities over alleging violations under the Securities Exchange Act of 1934. Fifth Third Bancorp reported in 2007 a Net Income of $1.076billion, but reported in 2008 a Net Loss of $2.113billion. Shares of Fifth Third Bancorp (FITB) traded recently at $12.04 per share, and were down from its 52weekHigh of $15.95 per share, over $28 per share during 2008, and almost $43 per share in 2007.