SunTrust Banks, Inc. Former & Current Employee Investigation

March 11, 2009 - PRLog -- According to a press release there is currently an ongoing investigation on behalf of former and current employees of SunTrust Banks, Inc.  concerning potential Employee Retirement Income Security Act (“ERISA”) Breach of Fiduciary Duty.

If you a former or current employee or are a member of any of SunTrust Banks, Inc.  investment plans or profit sharing retirement plans and purchased or held Suntrust Banks stock.  in one of those plans during the periods July 22, 2008 to January 21, 2009 or have information relating to this investigation, you should contact the Shareholders Foundation, Inc. immediately!

Email: Mail@ShareholdersFoundation.com

or Call us TODAY!

Phone: +1-(858)-779-1554

SunTrust Banks, Inc.  has been accused of securities and according to a press release under ERISA employees (former and current) of SunTrust Banks, Inc.  may be eligible to file a ERISA complaint for putting stock options at risk if they can prove their employer violated its fiduciary duty to them. The Fiduciary duty refers to a company’s responsibility to the people who invest in it and if an employer puts the company’s interest ahead of the investors’, it has broken its fiduciary duty, so the investigation.  ERISA, so the press release, is a federal law that sets minimum standards for pension and health plans set up by private businesses and ERISA was designed to protect people who participate in employee benefit plans, including employees with stock options in a company.
On Friday, March 06, 2009 an investor in SunTrust Banks, Inc  shares has filed a proposed securities class action lawsuit in the United States District Court for the Northern District of Georgia on behalf of purchasers of SunTrust Banks, Inc. publicly traded securities  during the period between July 22, 2008 and January 21, 2009 against SunTrust Banks, In and certain of its officers and directors with alleged violations of Federal Securities Laws. According to the complaint the plaintiff alleges that SunTrust Banks, Inc (“SunTrust”) 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’s financial results and conditions. The plaintiff alleges among other things, that SunTrust was not as well capitalized as represented, and, notwithstanding the $3.5 billion the Company received on November 17, 2008 from the Troubled Asset Relief Program, SunTrust announced that it would have to raise an additional $1.4 billion in TARP funds just three weeks later. As SunTrust’s true condition slowly came to light in a series of write-downs, reserve increases and capital-raising, SunTrust’s stock price dropped from a high of over $59 per share between July22, 2008 and January 21, 2009 to less than $14 per share, so the lawsuit.

If you a former or current employee or are a member of any of SunTrust Banks, Inc.  investment plans or profit sharing retirement plans and purchased or held Suntrust Banks stock.  in one of those plans during the periods July 22, 2008 to January 21, 2009 or have information relating to this investigation, you should contact the Shareholders Foundation, Inc. immediately!

Email: mail@shareholdersfoundation.com

Or call us at: +1 (858) 779 - 1554

Shareholders Foundation, Inc.
Trevor Allen
3111 Camino Del Rio North - Suite 423 -
92108 San Diego
Tel:+1-(858)-779-1554
Fax:+1-(858)-605-5739
mail@shareholdersfoundation.com
www.ShareholdersFoundation.com
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Advertising. The Shareholders Foundation, Inc. is an investor advocacy group. We do research related to shareholder issues and inform investors of securities class actions, settlements, judgments, and other legal related news to the stock market. At Shareholders Foundation, Inc. we are in contact with a large number of shareholders. We believe that together we can combine the interests of many investors, and use the size of our interest as leverage against the giant corporations. We offer help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Any statements made in press releases, emails or over the phone by any member or personnel employed by Shareholders Foundation, Inc. or by third parties related to the Shareholders Foundation, Inc. is provided for research and guidance purposes only and are not legal advices. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.