Finkelstein Thompson LLP announces that a class action lawsuit has been filed against Fifth Third Bancorp (â€śFifth Thirdâ€ť or the “Company”) (Nasdaq: FITB) (NYSE: FTB-PA or FTB/PA, FTB-PC or FTB/PC) in the United States District Court for the Southern District of Ohio, and that the firm is investigating similar claims at this time.
Specifically, the class action alleges that Fifth Third issued materially false and misleading statements concerning: the quality and sufficiency of the Companyâ€™s â€śtier 1 capitalâ€ť; its need to shore up capital in response to an expected increase in the Companyâ€™s loan charge-off levels; and exposure to the poorly-performing real estate market in the Mid-West. As a result of these false and misleading statements, the complaint states that the price of Fifth Thirdâ€™s stock was artificially inflated during the class period, between October 19, 2007 and June 17, 2008. On June 18, 2008, Fifth Thirdâ€™s share price plummeted 27% on unusually heavy trading volume, closing at $9.26 per share after trading as high as $28.58 on February 4, 2008. The drop in share price occurred one day after Fifth Third announced plans to raise $2 billion in capital in response to losses from the downturn in the mortgage and real estate markets.
If you are a Fifth Third shareholder and wish to discuss your rights and interests as an investor, please contact our Washington, D.C. office toll-free at (877) 337-1050 or by email at firstname.lastname@example.org.