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Raymond James Financial Inc (NYSE: RJF) Investor Securities Class Action Lawsuit 06/09/2009

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Lawsuit Overview

Case Dismissed
Company
Raymond James Financial
Security
NYSE: RJF

Case Name
Raymond James Financial Shareholder Class Action Lawsuit 06/09/2009
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

August 16, 2010 - The court granted defendants' motion to dismiss.
January 22, 2010 - A motion to dismiss the amended complaint was filed.

November 25, 2009 - An amended complaint was filed.

June 9, 2009 - An investor in shares of Raymond James Financial Inc (NYSE: RJF) filed a lawsuit in the U.S. District Court for the Southern District of New York on behalf of all purchasers of the common stock of Raymond James Financial Inc (NYSE: RJF) between April 22, 2008 and April 14, 2009 against Raymond James Financial Inc and others over alleged violations of Federal Securities Laws.

According to the complaint the plaintiff alleges that Raymond James Financial Inc and certain of its officers and directors are charged with issuing a series of materially false and misleading statements in violation of Section 10(b) and 20(a) of the Exchange Act and Rule 10b-5 promulgated thereunder. Then on April 14, 2009, Raymond James Financial Inc shocked investors when it announced that results for the second fiscal quarter ended March 31, 2009, would be well below the consensus analysts' estimates, so the lawsuit.

The plaintiff also alleges that Raymond James Financial Inc also announced that both its commercial and residential portfolios would require higher loss reserves, with the loan loss provision tripling from the previous quarter and in response to such an unexpected sharp increase in loan loss provisions, Raymond James Financial Inc shares declined. Raymond James Financial Inc closed down $2.57 per share, or 13.48%, to close at $16.49 per share on April 15, 2009. Over the next few days, Raymond James Financial Inc 's stock price traded as low as under $15 per share, well below its highs of over $38 per share between April 22, 2008 and April 14, 2009.

Raymond James Financial Inc (NYSE: RJF), located in St. Petersburg, FL, is a holding company whose subsidiaries are engaged in various financial services businesses in the United States of America and Canada. Raymond James Financial Inc (NYSE: RJF) reported $3.10958billion in total revenue with a net income of $250.43million in 2007 and $3.20493billion with $235.08million in 2008. Shares of Raymond James Financial Inc (NYSE: RJF) traded recently at $16.78 per share, down from a 52weekHigh of $38.25 per share.