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Northern Trust Corporation (NASDAQ: NTRS) Investor Securities Class Action Lawsuit 08/24/2010

  • If you purchased shares of Northern Trust Corporation (NASDAQ: NTRS), you might have certain options and should contact the Shareholders Foundation, Inc.

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Lawsuit Overview

Case Dismissed
Company
Northern Trust Corporation
Security
NASDAQ: NTRS

Case Name
Northern Trust Corporation Shareholder Class Action Lawsuit 08/24/2010
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Northern District of Illinois

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

May 16, 2013 - Parties filed a stipulation of voluntary dismissal, dismissing the case with prejudice.
March 28, 2013 - The court granted the defendants' motion to dismiss without prejudice and granted lead plaintiff leave to file an amended complaint.

April 1, 2011 - The defendants filed a motion to dismiss.

February 1, 2011 - The lead plaintiff filed an amended complaint.

November 30, 2010 - The lead plaintiff and lead counsel were appointed.

October 25, 2010 - A lead plaintiff motion was filed.

August 24, 2010 - An investor in shares of Northern Trust Corporation (NASDAQ: NTRS) filed a lawsuit in investor in the U.S. District Court for the Northern District of Illinois against Northern Trust Corporation over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between October 17, 2007 and October 20, 2009.

According to the complaint the plaintiff alleges that Northern Trust Corporation and certain of its officers and directors violated Securities Exchange Act of 1934 by issuing between October 17, 2007 and October 20, 2009, materially false and misleading statements regarding its business and financial results and engaging in improper behavior that harmed Northern Trust Corporation's investors by failing to disclose the extent of its seriously delinquent commercial real estate loans and the true nature and risks associated with its once highly profitable securities lending program.

Then, on October 21, 2009, before the market opened, Northern Trust Corporation reported its third quarter 2009 earnings results, announcing third quarter results that fell short of expectations due in part to a serious decline in its securities lending program and to continuing pressure from its non-performing loans. On this news, so the lawsuit, Northern Trust Corporation's stock (NASDAQ: NTRS) fell $3.29 per share to close at $54.16 per share on October 21, 2009, a one-day decline of nearly 6% on volume of over 8.55 million shares. Shares of Northern Trust Corporation (NASDAQ: NTRS) traded recently at $45.86 per share, down from its current 52weekHigh of $60.85 per share. During 2009 NTRS shares traded as high as $64.12 per share, and reached during 2008 $87 per share.

Northern Trust Corporation, located in Chicago, Illinois, is a financial holding company, which provides asset servicing, fund administration, investment management, banking and fiduciary solutions for corporations, institutions and affluent individuals worldwide.