Gainey McKenna & Egleston Announces A Class Action Lawsuit Has Been Filed Against The Toronto-Dominion Bank (TD)

Globe Newswire 24-Oct-2024 11:08 AM

NEW YORK, Oct. 24, 2024 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of all persons or entities who purchased or otherwise acquired The Toronto-Dominion Bank ("TD Bank" or the "Company") (NYSE:TD) securities between February 29, 2024 and October 9, 2024,, inclusive (the "Class Period"). The lawsuit seeks to recover damages for the Company's investors under the federal securities laws.

The Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose material adverse facts concerning the true state of TD Bank's anti-money laundering ("AML") program; pertinently, TD Bank concealed or otherwise minimized the significance of the failures of TD Bank's AML program and made no indication that the imposition of an asset cap or other punitive or compliance measures would be imposed that would undermine TD Bank's continued growth for the foreseeable future.

The Complaint also alleges that, on October 10, 2024, TD Bank unveiled the resolutions reached from U.S. investigations, which included, in addition to the punitive payment of $3.09 billion, both an asset cap, preventing TD Bank's U.S. subsidiaries from exceeding a collective $434 billion, a reflection of TD Bank's assets as of September 30, 2024, and further subjects TD Bank to more stringent approval processes for its product, service, and market rollouts. Further, the U.S. Department of Justice, in their own corresponding release, highlighted the significance of TD Bank's failures as "the largest bank in U.S. history to plead guilty to Bank Secrecy Act program failures and the first U.S. bank in history to plead guilty to conspiracy to commit money laundering," the complaint alleges. On this news, TD Bank's stock price fell by more than 10%.

Investors who purchased or otherwise acquired shares of TD Bank should contact the Firm prior to the December 23, 2024 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.

Please visit our website at http://www.gme-law.com for more information about the firm.