JPMorgan Chase & Co. Summary: According to the law firm press release, the complaint charges JPMorgan and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Defendant JPMorgan is a financial holding company, which provides various financial services worldwide. During the Class Period, as alleged in the complaint, Defendants issued materially false and misleading statements regarding certain securities trading by the Company’s Chief Investment Office (“CIO”). Specifically, Defendants misrepresented and/or failed to disclose that the CIO had engaged in extremely risky and speculative trades that exposed JPMorgan to significant losses.
As alleged in the complaint, on May 10, 2012, JPMorgan filed its Form 10-Q for the quarter ended March 31, 2012, with the Securities and Exchange Commission. After the market closed, JPMorgan held a conference call with analysts and investors to discuss the Form 10-Q. Defendants opened the conference call by revealing that the Company’s CIO trading had sustained a multi-billion dollar trading loss. In response to this disclosure, the price of JPMorgan stock declined from $40.74 per share to $36.96 per share on extremely heavy trading volume.
On August 21, 2012, the Arkansas Teacher Retirement System, State Teachers Retirement System of Ohio, School Employees Retirement System of Ohio, Ohio Public Employees Retirement System, State of Oregon by and through the Oregon State Treasurer on behalf of the Common School Fund and, together with the Oregon Public Employee Retirement Board, on behalf of the Oregon Public Employee Retirement Fund, and Sjunde AP-Fonden (collectively, the "Public Pension Funds") motion for appointment as Lead Plaintiff was granted by the Court.
On November 20, 2012, a Consolidated Amended Class Action Complaint was filed by the plaintiffs against the defendants.
On April 12, 2013, a second amended complaint was filed by the plaintiffs against the defendants.
SIC Code: 6021
Industry: Money Center Banks
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