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Regions Financial Corporation (NYSE: RF-PZ) Investor Securities Class Action Lawsuit 04/01/2009

  • If you purchased 8.875% Trust Preferred Securities of Regions Financing Capital Trust III (NYSE: RF-PZ), you might have certain options and should contact the Shareholders Foundation, Inc.

  • 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

Case Dismissed
Company
Regions Financial
Security
NYSE: RF-PZ

Case Name
Regions Financial Shareholder Class Action Lawsuit 04/01/2009
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Southern District of New York

Deadline To File for Lead
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Summary

November 2, 2011 - The U.S. Court of Appeals for the Second Circuit affirmed the judgement of the District Court.
June 9, 2010 - The lead plaintiff filed a notice of appeal.

May 10, 2010 - The court granted defendants' motions to dismiss.

November 2, 2009 - The lead plaintiff filed a corrected amended consolidated complaint.

October 27, 2009 - Defendants filed motions to dismiss.

August 28, 2009 - The lead plaintiff filed an amended consolidated complaint.

June 29, 2009 - Lead plaintiff and lead counsel were appointed and all cases were consolidated.

June 1, 2009 - Lead plaintiff motion was filed.

April 21, 2009 - Another investor filed a complaint.

April 1, 2009 - An investor in 8.875% Trust Preferred Securities of Regions Financing Capital Trust III (NYSE: RF-PZ) filed a lawsuit in the U.S. District Court for the Southern District of New York on behalf of all persons who acquired the 8.875% Trust Preferred Securities of Regions Financing Capital Trust III (NYSE: RF-PZ) pursuant or traceable to a materially false and misleading registration statement and prospectus issued in connection with the April 2008 offering of the Securities against Regions Financial Corporation, certain of its officers and directors, its auditor, and the underwriters of the Offering over alleged Federal Securities Laws violations.

According to the complaint the plaintiff alleges that Regions Financial Corporation, certain of its officers and directors, its auditor, and the underwriters of the Offering violated the Securities Exchange of 1933. The complaint alleges that in April of 2008, Regions Financial Corporation consummated the Offering pursuant to the false and misleading Registration Statement, selling 13.8 million shares of the Securities at $25 per share for proceeds of $345 million. The Registration Statement incorporated Regions' financial results for 2007. Then, on January 20, 2009, so the lawsuit, Regions Financial Corporation issued a press release announcing a loss for the quarter and year ended December 31, 2008, including a loss for the quarter ended December 31, 2008 of $9.01 per diluted share, which was largely driven by a $6 billion non-cash charge for impairment of goodwill and as a result of this disclosure, the price of the Securities dropped significantly.