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INVESTOR DEADLINE MONDAY: Robbins Geller Rudman & Dowd LLP Announces that The Toronto-Dominion Bank Investors with Substantial Losses Have Opportunity to Lead Class Action Lawsuit - TD
Globe Newswire 17-Dec-2024 4:05 PM
SAN DIEGO, Dec. 17, 2024 (GLOBE NEWSWIRE) -- The law firm of Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of The Toronto-Dominion Bank ("TD Bank") (NYSE:TD) securities between March 7, 2022 and October 9, 2024, both dates inclusive (the "Class Period"), have until Monday, December 23, 2024 to seek appointment as lead plaintiff of the TD Bank class action lawsuit. Captioned Gonzalez v. The Toronto-Dominion Bank, No. 24-cv-09445 (S.D.N.Y.), the TD Bank class action lawsuit charges TD Bank and certain of TD Bank's executives with violations of the Securities Exchange Act of 1934. A previously filed case is captioned Tiessen v. The Toronto-Dominion Bank, No. 24-cv-08032 (S.D.N.Y.).
If you suffered substantial losses and wish to serve as lead plaintiff of the TD Bank class action lawsuit, please provide your information here:
CASE ALLEGATIONS: The Toronto-Dominion Bank offers its products and services in the United States under the "TD Bank" and "America's Most Convenient Bank" brand names.
The TD Bank class action lawsuit alleges that defendants throughout the Class Period 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 TD Bank class action lawsuit further alleges that on May 2, 2024, The Wall Street Journal reported that a U.S. Department of Justice investigation into TD Bank's AML controls focused on "how Chinese crime groups and drug traffickers" used TD Bank to launder money from the sale of fentanyl in the United States and that "[t]he investigation was launched after agents uncovered an operation . . . that laundered hundreds of millions of dollars in proceeds . . . through TD." On this news, the price of TD Bank stock fell nearly 6%, according to the complaint.
The TD Bank class action lawsuit further 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%, according to the TD Bank class action lawsuit.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired TD Bank securities during the Class Period to seek appointment as lead plaintiff in the TD Bank class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the TD Bank class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the TD Bank class action lawsuit. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the TD Bank class action lawsuit.
ABOUT ROBBINS GELLER: Robbins Geller Rudman & Dowd LLP is one of the world's leading law firms representing investors in securities fraud cases. Our Firm has been #1 in the ISS Securities Class Action Services rankings for six out of the last ten years for securing the most monetary relief for investors. We recovered $6.6 billion for investors in securities-related class action cases – over $2.2 billion more than any other law firm in the last four years. With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs' firms in the world and the Firm's attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig. Please visit the following page for more information:
Past results do not guarantee future outcomes. Services may be performed by attorneys in any of our offices.
Contact: Robbins Geller Rudman & Dowd LLP J.C. Sanchez, Jennifer N. Caringal 655 W. Broadway, Suite 1900, San Diego, CA 92101 800-449-4900 info@rgrdlaw.com
