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Case Status:    SETTLED
On or around 12/01/2005 (Date of order of final judgment)

Filing Date: October 16, 2002

According to the Order and Final Judgment, entered on December 1, 2005, from U.S. District Judge Honorable Marianne O. Battani of the U.S. District Court for the Eastern District of Michigan, the case is settled. The action is dismissed with prejudice and without costs, except as provided in the Stipulation. Further, the Plan of Allocation is approved, and Plaintiffs’ Counsel are awarded 27% of the Gross Settlement Fund in fees, and $266,824.13 in reimbursement of expenses.

By the Notice of Settlement, the settlement in In re Comerica Inc. Securities Litigation, Case No. 02-CV-60233 will provide a $15.0 million settlement fund for the benefit of investors who purchased or otherwise acquired Comerica common stock between July 17, 2002 and October 1, 2002, inclusive. The Court will hold a Final Settlement Hearing on Monday, October 24, 2005. At this hearing the Court will consider whether the settlement is fair, reasonable and adequate. At the Final Settlement Hearing, the Court also will consider the proposed Plan of Allocation for the proceeds of the Settlement and the application of Plaintiffs’ Lead Counsel for attorneys’ fees and reimbursement of expenses.

The original Complaint alleges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, by issuing a series of material misrepresentations to the market between July 17, 2002 and October 1, 2002, thereby artificially inflating the price of Comerica defendants issued statements regarding the Company's financial performance and filed a quarterly report with the SEC which described the Company's increasing revenues and financial performance. These statements were materially false and misleading because they failed to disclose and/or misrepresented the following adverse facts, among others: (i) that the Company had materially overstated its net income by approximately $23 million in the second quarter of 2002; (ii) that the Company lacked adequate internal controls and was therefore unable to ascertain the true financial condition of the Company; and (iii) that as a result, the value of the Company's net income and financial results were materially overstated at all relevant times.

The complaint further alleges that on or around October 2, 2002, before the market opened for trading, the Company issued a press release announcing that it will record a $328 million charge "related to an incremental provision for credit losses and goodwill impairment for the company's Munder Capital Management subsidiary." As a result, the Company will be restating its second quarter earnings to $161 million, compared to previously-reported earnings of $184 million. The Company further reported that the additional provision and charge-offs related to the second quarter "were determined during a recent subsidiary regulatory examination." Following this report, shares of Comerica fell $10.19 per share, or $20.3%, to close at $40 per share, on volume of more than 10.855 million shares traded, or more than ten times the average daily volume.

COMPANY INFORMATION:

Sector: Financial
Industry: Regional Banks
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: CMA
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: E.D. Michigan
DOCKET #: 02-CV-60233
JUDGE: Hon. John Corbett O'Meara
DATE FILED: 10/16/2002
CLASS PERIOD START: 07/17/2002
CLASS PERIOD END: 10/01/2002
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Faruqi & Faruqi LLP (New York) (former)
    320 East 39th Street, Faruqi & Faruqi LLP (New York) (former), NY 10016
    212.983.9330 212.983.9331 · Nfaruqi@faruqilaw.com
  2. Milberg Weiss Bershad Hynes & Lerach LLP (New York, NY)
    One Pennsylvania Plaza, Milberg Weiss Bershad Hynes & Lerach LLP (New York, NY), NY 10119-1065
    212.594.5300 ·
  3. Miller Shea, P.C.
    1301 W Long Lake Rd, Ste 135, Miller Shea, P.C., MI 48098
    248.267.8200 248.267.8200 · info@millershea.com
No Document Title Filing Date
COURT: E.D. Michigan
DOCKET #: 02-CV-60233
JUDGE: Hon. John Corbett O'Meara
DATE FILED: 10/10/2003
CLASS PERIOD START: 07/17/2002
CLASS PERIOD END: 10/01/2002
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Faruqi & Faruqi LLP (New York) (former)
    320 East 39th Street, Faruqi & Faruqi LLP (New York) (former), NY 10016
    212.983.9330 212.983.9331 · Nfaruqi@faruqilaw.com
  2. Milberg Weiss Bershad & Schulman LLP (New York)
    One Pennsylvania Plaza, 49th Floor, Milberg Weiss Bershad & Schulman LLP (New York), NY 10119
    212.594.5300 212.868.1229 · info@milbergweiss.com
  3. Milberg Weiss Bershad Hynes & Lerach LLP (New York, NY)
    One Pennsylvania Plaza, Milberg Weiss Bershad Hynes & Lerach LLP (New York, NY), NY 10119-1065
    212.594.5300 ·
  4. Miller Shea, P.C.
    1301 W Long Lake Rd, Ste 135, Miller Shea, P.C., MI 48098
    248.267.8200 248.267.8200 · info@millershea.com
No Document Title Filing Date