Follow on Google News News By Tag Industry News News By Location Country(s) Industry News
Follow on Google News | SunTrust Banks, Inc. preferred Shares Investor Class Action LawsuitClass action lawsuit on behalf of certain preferred shares investors of SunTrust Banks, Inc. (Public, NYSE-STI) over alleged Securities Laws violations - Deadline: July 14, 2009 -Contact the Shareholders Foundation: mail@shareholdersfoundation.com
By: Shareholders Foundation, Inc. If you purchased SunTrust Capital IX 7.875% Trust Preferred Securities issued SunTrust Banks in its February 2008 public offering you have certain options and there are strict and short deadlines running. Deadline: July 14, 2009. You should contact the Shareholders Foundation, Inc. immediately at: Email: mail@shareholdersfoundation.com Or call us at: +1 (858) 779 - 1554 According to the complaint the plaintiff alleges that SunTrust Banks, Inc. and certain of its top officials and underwriters violated the Sections 11, 12(a)(2), and 15 of the Securities Act of 1933. Specifically, so the lawsuit, on February 27, 2008, SunTrust filed a prospectus supplement to a shelf registration statement/prospectus dated October 18, 2006, pursuant to which SunTrust sold 27.6 million units of the Trust Preferred Securities to the public at $25 per unit, for proceeds of approximately $690 million and that the representations made in this registration statement/prospectus were materially false and misleading. Then on January 22, 2009, SunTrust announced a significant increase in its provision for loan losses along with the release of its earnings for the fourth quarter of 2008. At that time, SunTrust Banks reported its first quarterly loss in two decades and cut its quarterly dividend from $0.54 to $0.10 per share. When this news became public, the price of the Trust Preferred Securities began to decline. SunTrust Banks, Inc. is a diversified financial services holding company whose businesses provide a range of financial services to consumer and corporate clients. SunTrust Banks, Inc. is located in Atlanta, GA and had $179billion in total assets and $189billion in total assets in 2008. SunTrust reported a net income of $1.634billion in 2007 and $795.77million in 2008. STI Shares of Suntrust traded at $15.05 per share on Friday May 15, 2009, down from a 52WeekHigh of $64.00 per share. If you purchased SunTrust Capital IX 7.875% Trust Preferred Securities issued SunTrust Banks in its February 2008 public offering you have certain options and there are strict and short deadlines running. Deadline: July 14, 2009. You should contact the Shareholders Foundation, Inc. immediately at: 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)- Fax:+1-(858)- mail@shareholdersfoundation.com www.ShareholdersFoundation.com ____________________________________________________________ # # # 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. End
|
| |||||||||||||||||||||||||||||||||||||||||||||||||
Account Phone Number