Regions Financial Corporation - Securities Class Action

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Stanford Law School

Regions Financial Corporation Summary: According to a press release dated October 8, 2009, the complaint, which was filed on October 2, 2009, alleges that Regions and several of its current and former officers and directors violated Federal securities laws by allowing or authorizing the solicitation of proxies or consent to a resolution approving a merger/acquisition between Regions and AmSouth, another Birmingham-based bank, in October 2006, through the use of a materially misleading joint proxy statement,. Also named as defendants are Merrill Lynch, Price, Fenner & Smith, Inc. ("Merrill Lynch), which was Regions' financial advisor in connection with the acquisition, and Ernst & Young, LLP ("E&Y"), which served as outside auditor to both Regions and AmSouth.

The complaint alleges that the joint proxy statement, which urged shareholders to vote for the acquisition, omitted material facts about and/or falsely misrepresented AmSouth's and Regions' financial condition. False pre-merger financial statements were incorporated into the joint proxy statement and used to persuade shareholders about the benefits of the proposed combination and/or conceal the risks associated with the transaction. The statement also omitted material facts and/or contained false material representations about the benefits of merging the two banks into a single operation, the risks attended with such that acquisition or the fairness of the transaction to Regions shareholders. The Company was finally forced in January 2009 to announce a $6 billion write down of goodwill attributable to the AmSouth acquisition, approximately 60% of the $10 billion purchase price.

In accordance with the Notice of Voluntary Dismissal filed by plaintiff, on November 13, 2009 and there being no objections by the defendants, this action was Dismissed, Without Prejudice pursuant to Rule 41(a)(1)(i) of the Federal Rules of Civil Procedure by Order on the 17th day of November, 2009.

INDUSTRY CLASSIFICATION:
SIC Code: 6021
Sector: Financial
Industry: Regional Banks

COMPANY/ISSUER NAME:	Regions Financial Corporation
COMPANY/ISSUER TICKER:	RF
COMPANY WEBSITE:	www.regions.com

FIRST IDENTIFIED COMPLAINT IN THE DATABASE

John M. McClellan , et al. v. Regions Financial Corporation, et al.

COURT: N.D. Alabama	DOCKET NUMBER: 09-CV-01976
JUDGE NAME: Hon. Sharon Lovelace Blackburn
DATE FILED: 10/02/2009	SOURCE:
CLASS PERIOD START: 08/14/2006	CLASS PERIOD END: 11/04/2006
TYPE OF COMPLAINT: Complaint (Unamended and Unconsolidated)
PLAINTIFF FIRMS NAMED IN COMPLAINT:
Whatley Drake & Kallas LLC (Birmingham) 2001 Park Place North, Suite 1000, Birmingham, AL, 35203 (voice) 205.328.9576, (fax) 205.328.9576, Whatley Drake & Kallas LLC (New York) 1540 Broadway, 37th Floor, New York, NY, 10036 (voice) 212.447.7070, (fax) 212.447.7070, _____________________________________________ TOTAL NUMBER OF PLAINTIFF FIRMS: 2

DOCUMENTS FOR THE FIRST IDENTIFIED COMPLAINT
Class Action Complaint For Violation Of Federal Securities Laws
Type: Complaint		Date on the document: 10/02/2009
U.S. District Court Civil Docket
Type: Docket		Date on the document: 11/05/2009
Notice of Voluntary Dismissal
Type: Notice		Date on the document: 11/13/2009
Dismissal Order
Type: Order		Date on the document: 11/17/2009
U.S. District Court Civil Docket
Type: Docket		Date on the document: 11/17/2009

OTHER DOCUMENTS

Case Name and/or Number:
Type:		Date on the document:

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