Securities Lawsuit Investigation | Naples, Florida, Orlando, Miami, Jacksonville and Tampa | Company: Bank of America Corporation | For: Misleading Sales Forecasts, Failure to Disclose Information, Artificially Inflated Stock Prices
Securities Lawsuit Investigation, Naples, FloridaGilman Law LLP, a leading Naples, Florida, securities law firm, is now accepting claims for lawsuits on behalf of Bank of America Corporation (“BofA”) shareholders. The firm is actively investigating shareholder claims that BofA, one of the world’s largest financial institutions, and certain of its officers and directors, violated the Securities Exchange Act of 1940 by making statements that were materially false and misleading. The firm is currently offering free legal evaluations to all Florida BofA investors, including those in the Naples, Orlando, Miami, Jacksonville and Tampa areas.
For over 40 years, Gilman Law has represented investors in all major aspects of securities fraud litigation, including stock manipulation, securities fraud, and shareholder rights violations. The firm’s Naples office is offering free legal consultations to investors from throughout Florida, including Naples, Orlando, Miami, Jacksonville, and Tampa. If you earned or purchased shares of Bank of America Corp. (NYSE: BAC) during the period between February 25, 2011 and August 5, 2011, and either lost money on the transaction or still hold the investments, you must contact Gilman Law LLP no later than November 22, 2011 in order to exercise your legal rights against BofA.
Bank of America Class Action Lawsuit Allegations
BofA has been named in a class action lawsuit on behalf of purchasers of BofA securities, alleging that it and other Defendants never disclosed a potential cause of action against BofA. According to the complaint, BofA and other Defendants made statements that were materially false and misleading, which caused the artificial inflation of BAC’s stock price. Once the cause of action came to light, BofA investors saw the value of their shares decline 20 percent in a single day.
The lawsuit, which was filed in United States District Court for the Southern District of New York, alleges Defendants repeatedly assured investors about the claims of other entities for losses stemming from residential mortgage-back securities (“RMBS”), but failed to disclose the massive losses suffered by American International Group, Inc. (“AIG”). According to the complaint, the Defendants failed to disclose that, between 2005 and 2007, BofA and two companies that BofA acquired — Merrill Lynch & Co., Inc. (“Merrill Lynch”) and Countrywide Financial Corporation (“Countrywide”) — and their subsidiaries sold AIG over $28 billion in RMBS. As a result of these sales, AIG suffered losses in excess of $10 billion and BofA was potentially subject to suit for those losses.
AIG did file suit against BofA in New York State Court on August 28, 2011 over the $28 billion in RMBS that it purchased from Merrill Lynch and Countrywide. When the financial markets learned of the lawsuit, BAC shares plummeted from $8.17 per share to $6.51 per share, losing 20% of their value in a single day.
Legal Help for Bank of America Shareholders
Gilman Law has extensive experience representing both individual and institutional investors in securities class action suits, and has recovered over a billion dollars for its clients. We are ready to assist Florida investors who have sustained losses as a result of BofA’s fraudulent practices. For a free evaluation of your case or to obtain additional information, please fill out the form on the left or CALL TOLL FREE (888) 252-0048.