Case Page

 

Case Status:    DISMISSED    
On or around 08/20/2010 (Court's order of dismissal)

Filing Date: March 06, 2009

According to a press release dated March 06, 2009, the complaint alleges that during the Class Period, defendants made false and misleading statements about SunTrust's financial results and conditions. Specifically, the Company's publicly reported financial results and defendants' statements regarding the Company's business and capital position were materially false and/or misleading because they failed to disclose that: (a) defendants' assets, including loans and mortgage-related securities, were impaired to a much larger extent than the Company had disclosed; (b) defendants failed to properly record losses for impaired assets; (c) the Company's internal controls were inadequate to prevent the Company from improperly reporting the value of its assets; and (d) SunTrust was not as well capitalized as represented, and, notwithstanding the $3.5 billion the Company received on November 17, 2008 from the Troubled Asset Relief Program ("TARP"), the Company announced that it would have to raise an additional $1.4billion in TARP funds just three weeks later. As SunTrust's true condition slowly came to light in a series of write-downs, reserve increases and capital-raising, SunTrust's stock price dropped from a Class Period high of over $59 per share to less than $14 per share.

On August 31, 2009, the motion of Waterford Township General Employees
Retirement System for appointment as lead plaintiff and Horwitz, Horwitz & Paradis, Attorneys at Law as lead counsel, was approved for the Class.

On December 23, 2009 an amended complaint against all defendants, was filed by the plaintiffs in this action.

On August 19, 2010, the Defendant’s motion to dismiss was granted based upon the Plaintiff’s allegations of loss causation were insufficient to state a claim. Because the Plaintiff had not adequately pled false representations or scienter or loss causation, the Court could not decide whether the Plaintiff has adequately pled the remaining elements of a § 10(b) claim or the elements of a § 20(a) claim, which depends on the existence of an underlying § 10(b) claim.

On August 20, 2010, a Clerk's Judgment entered dismissing the action.

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 #: 09-CV-00617
JUDGE: Hon. Thomas W. Thrash, Jr
DATE FILED: 03/06/2009
CLASS PERIOD START: 07/22/2008
CLASS PERIOD END: 01/21/2009
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Coughlin Stoia Geller Rudman & Robbins LLP (Atlanta)
    3424 Peachtree Road, NE, Suite 1650, Coughlin Stoia Geller Rudman & Robbins LLP (Atlanta), GA 30326
    404.504.6500 404.504.6500 ·
  2. Coughlin Stoia Geller Rudman & Robbins LLP (San Diego)
    655 West Broadway, Suite 1900, Coughlin Stoia Geller Rudman & Robbins LLP (San Diego), CA 92101
    619.231.1058 619.231.7423 · info@csgrr.com/
No Document Title Filing Date
COURT: N.D. Georgia
DOCKET #: 09-CV-00617
JUDGE: Hon. Thomas W. Thrash, Jr
DATE FILED: 12/23/2009
CLASS PERIOD START: 07/22/2008
CLASS PERIOD END: 01/21/2009
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Cohen Cooper Estep & Allen
    3350 Riverwood Parkway, Ste. 2220, Cohen Cooper Estep & Allen, GA 30339
    404.814.0000 404-616-8900 ·
  2. Horwitz, Horwitz & Paradis
    405 Lexington Ave., 61st Flr. , Horwitz, Horwitz & Paradis, NY 10174
    212.986.4500 212.986.4500 ·
No Document Title Filing Date