BB&T Corporation Long Term Investors file Lawsuit

April 5, 2010 - PRLog -- A current long term investor filed a lawsuit in Federal Court  on behalf of current investors of BB&T Corporation NYSE-BBT) alleging breaches of fiduciary duty by certain current  and former members of the BB&T board of directors and certain current and former executive officers.

If you are a long term investor in BB&T Corporation  stock and currently hold those BBT, you have certain options and you should contact the Shareholders Foundation, Inc by email mail@shareholdersfoundation.com or call +1 (858) 779 – 1554.

The plaintiff alleges that certain current and former members of the BB&T board of directors and certain current and former executive officers “breached their fiduciary duties by, among other things, knowingly causing and/or knowingly allowing Company brokers and or brokers of BB&T subsidiary Scott & Stringfellow, Inc […] to make false statements to customers and omit material information in connection with the sale of auction rate securities”. Through misrepresentations and omissions, directors of BB&T Corp., through its subsidiary Scott & Stringfellow, left customers holding $667 million in illiquid auction rate securities from BB&T and Scott & Stringfellow, so the lawsuit. BB&T Corporation is a financial holding company. BB&T conducts its business operations primarily through its commercial banking subsidiary, Branch Banking and Trust Company. BB&T Corporation is located in Winston-Salem, North Carolina and had $152billion in total assets with a net income of $1.519Billion in 2008. Shares of BB&T Corporation  traded at $32.47 per shares recently, reached over $41 in September 2008 and during in 2007.


Those who are long term investors in BB&T Corporation  stock and currently hold those BBT, have certain options and should contact the Shareholders Foundation, Inc by email mail@shareholdersfoundation.com or call +1 (858) 779 – 1554.

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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. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.