Case Page

 

Case Status:    DISMISSED    
On or around 09/25/2009 (Date of order of final judgment)

Filing Date: April 02, 2008

The original Complaint alleges that SunTrust violated the securities laws by deceiving investors about the investment characteristics of Auction Rate Securities and the auction market in which these securities traded. Auction Rate Securities are either municipal or corporate debt securities or preferred stocks which pay interest at rates set at periodic "auctions." Auction Rate Securities generally have long-term maturities or no maturity dates.

Specifically, the Complaint alleges that, pursuant to uniform sales materials and/or top-down management directives, SunTrust offered and sold Auction Rate Securities to the public as highly liquid cash-management vehicles and as suitable alternatives to money market mutual funds. According to the Complaint, those who now hold Auction Rate Securities sold by SunTrust cannot liquidate their positions since the auction market for these securities has collapsed.

On September 17, 2008, U.S. District Judge Thomas W. Thrash, Jr. granted the motion to appoint Martin Zisholtz as Lead Plaintiff and approved Levi & Korsinsky, LLP and Law Offices of David A. Bain as Lead Counsel and Liaison Counsel for the Class, respectively. On November 24, 2008, the plaintiffs filed a First Amended Complaint. On December 24, 2008, the defendants filed a motion to dismiss the First Amended Complaint.

Before any ruling on the defendants' motion to dismiss the First Amended Complaint, the plaintiff filed a Second Amended Complaint on February 4, 2009. On February 24, 2009, the defendants filed a motion to dismiss the Second Amended Complaint. On September 24, 2009, Judge Thomas W. Thrash, Jr. signed an Order granting the Defendants’ Motion to Dismiss the Amended Complaint [Doc. 37], granting the Defendants’ Motion to Dismiss the Second Amended Complaint [Doc. 46], and denying the Plaintiffs’ Motion to Initiate Limited Discovery [Doc. 34]. Judgment was entered and the action was dismissed. The civil case is now terminated.

COMPANY INFORMATION:

Sector: Financial
Industry: Regional Banks
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: STI
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: N.D. Georgia
DOCKET #: 08-CV-01287
JUDGE: Hon. Thomas W. Thrash, Jr.
DATE FILED: 04/02/2008
CLASS PERIOD START: 04/01/2003
CLASS PERIOD END: 02/13/2008
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Holzer & Holzer, LLC
    1117 Perimeter Center West, Suite E-107, Holzer & Holzer, LLC, GA 30338
    770.392.0090 770.392-0029 · mfistel@holzerlaw.com
  2. Klayman & Toskes, P.A.
    11 Broadway, Suite 400, Klayman & Toskes, P.A. , NY 10004
    888/997-9956 561/361-9178 · stoskes@nasd-law.com
  3. Levi & Korsinsky, LLP (former)
    39 Broadway, Suite 1440, Levi & Korsinsky, LLP (former), NY 10006
    212.363.7500 212.363.7171 ·
No Document Title Filing Date
COURT: N.D. Georgia
DOCKET #: 08-CV-01287
JUDGE: Hon. Thomas W. Thrash, Jr.
DATE FILED: 02/04/2009
CLASS PERIOD START: 04/01/2003
CLASS PERIOD END: 02/13/2008
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Levi & Korsinsky, LLP (former)
    39 Broadway, Suite 1440, Levi & Korsinsky, LLP (former), NY 10006
    212.363.7500 212.363.7171 ·
No Document Title Filing Date