Raymond James Financial, Inc. - Securities Class Action

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Stanford Law School

Raymond James Financial, Inc. Summary: The original complaint alleges that defendants repeatedly touted its supposedly conservative management practices and avoidance of risky assets associated with subprime residential mortgages. Defendants, however, failed to disclose that Raymond James Financial understated the credit risks of its wholly owned subsidiary's commercial and residential loan portfolios, and failed to set aside adequate reserves for the losses that Raymond James Financial knew, or recklessly disregarded, were forthcoming. On April 14, 2009, Raymond James Financial shocked investors when it announced that results for the second fiscal quarter ended March 31, 2009, would be well below the consensus analysts' estimates. Raymond James Financial also announced that both its commercial and residential portfolios would require higher loss reserves, with the loan loss provision tripling from the previous quarter. In response to such an unexpected sharp increase in loan loss provisions, Raymond James Financial common stock dropped $2.57 per share, or 13.48%, to close at $16.49 per share on April 15, 2009.

On September 1, 2009, Judge Robert P. Patterson signed the Order appointing the Louisiana School Employees' Retirement System as lead plaintiff and approving lead plaintiff’s selection of the law firm of Grant & Eisenhofer P.A. as lead counsel for the plaintiff class. On November 25, 2009, the plaintiffs filed an Amended Class Action Complaint. The defendants responded by filing a motion to dismiss the Amended Class Action Complaint.

On August 16, 2010, Judge Robert P. Patterson granted the defendants’ motion to dismiss. The Amended Complaint was dismissed without prejudice. On August 19, 2010, the Court entered the Clerk's Judgment.

INDUSTRY CLASSIFICATION:
SIC Code: 6211
Sector: Financial
Industry: Investment Services

COMPANY/ISSUER NAME:	Raymond James Financial, Inc.
COMPANY/ISSUER TICKER:	RJF
COMPANY WEBSITE:	http://www.raymondjames.com

FIRST IDENTIFIED COMPLAINT IN THE DATABASE

John Woodard, et al. v. Raymond James Financial, Inc., et al.

COURT: S.D. New York	DOCKET NUMBER: 09-CV-05347
JUDGE NAME: Hon. Robert P. Patterson
DATE FILED: 06/09/2009	SOURCE:
CLASS PERIOD START: 04/22/2008	CLASS PERIOD END: 04/14/2009
TYPE OF COMPLAINT: Complaint (Unamended and Unconsolidated)
PLAINTIFF FIRMS NAMED IN COMPLAINT:
Faruqi & Faruqi LLP (New York) 369 Lexington. Avenue, 10th Floor , New York, , (voice) 212..983.9330, (fax) 212..983.9331, Gardy & Notis, LLP 440 Sylvan Avenue, Englewood Cliffs, NJ, 07632 (voice) 201-567-7377, (fax) 201-567-7337, info@gardylaw.com _____________________________________________ TOTAL NUMBER OF PLAINTIFF FIRMS: 2

DOCUMENTS FOR THE FIRST IDENTIFIED COMPLAINT
Class Action Complaint
Type: Complaint		Date on the document: 06/09/2009
Order Appointing Lead Plaintiff and Lead Counsel
Type: Order Appointing LP/LC		Date on the document: 09/01/2009

REFERENCE COMPLAINT

John Woodard, et al. v. Raymond James Financial, Inc., et al.

COURT: S.D. New York	DOCKET NUMBER: 09-CV-05347
JUDGE NAME: Hon. Robert P. Patterson
DATE FILED: 11/25/2009	SOURCE:
CLASS PERIOD START: 04/22/2008	CLASS PERIOD END: 04/14/2009
TYPE OF COMPLAINT: First Amended
PLAINTIFF FIRMS NAMED IN COMPLAINT:
Grant & Eisenhofer (New York) 485 Lexington Avenue, 29th Floor, New York, NY, (voice) 646.722.8500, (fax) 646.722.8500, lawyers@gelaw.com _____________________________________________ TOTAL NUMBER OF PLAINTIFF FIRMS: 1

DOCUMENTS FOR THE REFERENCE COMPLAINT
Amended Class Action Complaint
Type: Complaint		Date on the document: 11/25/2009
Opinion and Order
Type: Order		Date on the document: 08/16/2010
Judgment
Type: Other		Date on the document: 08/19/2010
U.S. District Court Civil Docket
Type: Docket		Date on the document: 08/19/2010

OTHER DOCUMENTS

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

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