The Toronto-Dominion Bank Investors: Please contact the Portnoy Law Firm to recover your losses. December 23, 2024 Deadline to file Lead Plaintiff Motion

Globe Newswire 17-Dec-2024 6:05 PM

Investors can contact the law firm at no cost to learn more about recovering their losses

LOS ANGELES, Dec. 17, 2024 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises The Toronto-Dominion Bank ("TD Bank" or the "Company") (NYSE:TD) investors of a class action representing investors that bought securities between March 7, 2022 and October 9, 2024, inclusive (the "Class Period"). TD Bank investors have until December 23, 2024 to file a lead plaintiff motion.

Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 310-692-8883 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors' options for pursuing claims to recover their losses.

CASE ALLEGATIONS: The Toronto-Dominion Bank (TD Bank) offers its services in the U.S. under the "TD Bank" and "America's Most Convenient Bank" brands.

The TD Bank class action lawsuit claims that, during the Class Period, the defendants made false and/or misleading statements and/or failed to disclose critical facts regarding the true state of TD Bank's anti-money laundering (AML) program. Specifically, the lawsuit alleges that TD Bank concealed or downplayed the severity of failures within its AML program and did not disclose that the imposition of an asset cap or other punitive measures could potentially hinder TD Bank's growth in the foreseeable future.

The lawsuit further alleges that on May 2, 2024, The Wall Street Journal reported a U.S. Department of Justice investigation into TD Bank's AML controls. The investigation focused on how Chinese crime groups and drug traffickers used the bank to launder money from fentanyl sales in the U.S., with agents discovering an operation that laundered hundreds of millions of dollars through TD Bank. Following this revelation, the complaint states that TD Bank's stock price dropped by nearly 6%.

Additionally, the lawsuit claims that on October 10, 2024, TD Bank disclosed the resolution of U.S. investigations, which included a $3.09 billion penalty, an asset cap limiting the bank's U.S. subsidiaries to $434 billion in assets (the amount as of September 30, 2024), and more stringent approval processes for the bank's future product, service, and market launches. The U.S. Department of Justice also highlighted TD Bank's failures, noting that it became the largest bank in U.S. history to plead guilty to violations of the Bank Secrecy Act and the first U.S. bank to plead guilty to conspiracy to commit money laundering. As a result of this news, TD Bank's stock price fell by more than 10%, according to the lawsuit.

Please visit our website to review more information and submit your transaction information.

The Portnoy Law Firm represents investors in pursuing claims against caused by corporate wrongdoing. The Firm's founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.

Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com

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