Regions Financial Corporation - Securities Class Action

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Regions Financial Corporation Summary: According to a press release dated October 21, 2010, the complaint alleges that during the Class Period defendants issued false and misleading statements regarding the Company’s operations and financial performance. Specifically, defendants misled shareholders by failing to properly account for the goodwill carried on Regions’ balance sheet, causing the Company’s financial results to be materially false and misleading. As a result of defendants’ false and misleading statements, Regions stock traded at artificially inflated prices throughout the Class Period.

The true facts, which were known by the defendants but concealed from the investing public during the Class Period, were as follows: (a) that the more than the $6 billion in “goodwill” Regions carried on its books since the November 4, 2006 acquisition of AmSouth Corporation (“AmSouth”) was grossly impaired and overstated; (b) that subsequent to the AmSouth acquisition Regions had failed to properly test for and write down impaired goodwill, causing the Company’s balance sheet and reported financial results to be artificially inflated; and (c) that Regions was operating with woefully deficient internal controls, resulting in inaccurate and misleading financial disclosures in violation of Generally Accepted Accounting Principles, including improperly reporting its goodwill.

On February 25, 2009, defendants acknowledged in the Company’s Form 2008 Form 10-K filing with the SEC that the deteriorating real estate market was the cause of these huge charges (especially in Florida and Georgia) and that it had been a problem for the Company since at least 2007.

As a result of defendants’ false and misleading statements, Regions stock traded at inflated levels during the Class Period. However, the Company’s share price declined significantly as the truth leaked into the market at the end of the Class Period.

On November 22, 2010, the defendants filed a motion to dismiss the complaint. On January 20, 2011, Judge Inge P Johnson granted the motion to appoint District 9, I.A. of M.&A.W. Pension Trust and Employees’ Retirement System of the Virgin Islands as lead plaintiffs, and approved Robbins Geller Rudman & Dowd LLP as lead counsel and Ward & Wilson, LLC and Roger Bedford & Associates, P.C., as co-liaison counsel. On February 22, 2011, the lead plaintiffs filed an Amended Complaint. On March 8, 2011, Moore & Trousdale, P.C., was added as co-liaison counsel. On April 8, 2011, the defendants filed a motion to dismiss the Amended Complaint. The motion to dismiss was denied on June 7, 2011.

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

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

FIRST IDENTIFIED COMPLAINT IN THE DATABASE

T Grocery and Food Employees Welfare Fund, et al. v. Regions Financial Corporation, et al.

COURT: N.D. Alabama	DOCKET NUMBER: 10-CV-02847
JUDGE NAME: Hon. Inge P Johnson
DATE FILED: 10/20/2010	SOURCE:
CLASS PERIOD START: 02/27/2008	CLASS PERIOD END: 01/19/2009
TYPE OF COMPLAINT: Complaint (Unamended and Unconsolidated)
PLAINTIFF FIRMS NAMED IN COMPLAINT:
Coughlin Stoia Geller Rudman & Robbins LLP (San Diego) 655 West Broadway, Suite 1900, San Diego, CA, 92101 (voice) 619.231.1058, (fax) 619.231.7423, info@csgrr.com/ Roger Bedford & Associates, P.C. 2100 Southbridge Parkway, Suite 580, Birmingham, AL, 35209 (voice) 205/871-5404, (fax) 205/871-5758, Ward & Wilson 2100 Southbridge Parkway, Suite 580, Birmingham, AL, 35209 (voice) 205.871.5404, (fax) 205/871-5758, _____________________________________________ TOTAL NUMBER OF PLAINTIFF FIRMS: 3

DOCUMENTS FOR THE FIRST IDENTIFIED COMPLAINT
Complaint for Violation of Federal Securities Laws
Type: Complaint		Date on the document: 10/20/2010
Order
Type: Order Appointing LP/LC		Date on the document: 01/20/2011

REFERENCE COMPLAINT

Local 703, I.B. Of T. Grocery And Food Employees Welfare Fund, et al. v. Regions Financial Corporation, et al.

COURT: N.D. Alabama	DOCKET NUMBER: 10-CV-02847
JUDGE NAME: Hon. Inge P. Johnson
DATE FILED: 02/22/2011	SOURCE:
CLASS PERIOD START: 02/27/2008	CLASS PERIOD END: 01/19/2009
TYPE OF COMPLAINT: First Amended
PLAINTIFF FIRMS NAMED IN COMPLAINT:
Robbins Geller Rudman & Dowd LLP (San Diego) 655 West Broadway, Suite 1900, San Diego, CA, 92101 (voice) 619.231.1058, (fax) 619.231.7423, _____________________________________________ TOTAL NUMBER OF PLAINTIFF FIRMS: 1

DOCUMENTS FOR THE REFERENCE COMPLAINT
Amended Complaint For Violations of the Federal Securities Laws
Type: Complaint		Date on the document: 02/22/2011
Order
Type: Order Appointing LP/LC		Date on the document: 03/08/2011
Memorandum Opinion
Type: Memorandum		Date on the document: 06/07/2011
Order
Type: Order		Date on the document: 06/07/2011
U.S. District Court Civil Docket
Type: Docket		Date on the document: 06/07/2011

OTHER DOCUMENTS

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

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