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SunTrust Banks Inc (NYSE: STI) Investor Securities Class Action Lawsuit 03/06/2009

  • If you purchased shares of SunTrust Banks Inc (NYSE: STI), 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
SunTrust Banks
Security
NYSE: STI

Case Name
SunTrust Banks Shareholder Class Action Lawsuit 03/06/2009
Type of Lawsuit
Shareholder Class Action
Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

August 20, 2010 - The court entered a judgment dismissing the case.
August 19, 2010 - The court granted defendants' motion to dismiss.

February 23, 2009 - Defendants filed a motion to dismiss.

December 23, 2009 - The lead plaintiff filed an amended consolidated complaint.

August 31, 2009 - Lead plaintiff and lead counsel were appointed and all cases were consolidated.

August 3, 2009 - Lead plaintiff motion was filed.

March 6, 2009 - An investor in shares of SunTrust Banks Inc (NYSE: STI) filed a lawsuit in the U.S. District Court for the Northern District of Georgia on behalf of purchasers of SunTrust Banks Inc publicly traded securities (NYSE: STI) between July 22, 2008 and January 21, 2009 against SunTrust Banks Inc and certain of its officers and directors with alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between July 22, 2008 and January 21, 2009.

According to the complaint the plaintiff alleges that SunTrust Banks Inc and certain of its officers and directors violated the Securities Exchange Act of 1934 by issuing between July 22, 2008 and January 21, 2009 false and misleading statements about SunTrust Banks Inc’s financial results and conditions.

The plaintiff alleges among other things, that SunTrust Banks Inc was not as well capitalized as represented, and, notwithstanding the $3.5 billion SunTrust Banks Inc received on November 17, 2008 from the Troubled Asset Relief Program, SunTrust Banks Inc announced that it would have to raise an additional $1.4 billion in TARP funds just three weeks later. As SunTrust Banks Inc’s true condition slowly came to light in a series of write-downs, reserve increases and capital-raising, SunTrust Banks Inc’s stock price dropped from a high of over $59 per share between July 22, 2008 and January 21, 2009 to less than $14 per share, so the lawsuit.