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Case Status:    DISMISSED    
On or around 02/05/2013 (Other)

Filing Date: May 04, 2009

According to the complaint filed May 4, 2009, the Company pursuant and/or traceable to a false and misleading registration statement and prospectus issued in connection with the Company's February 2008 initial public offering of the Securities.

The true facts which were omitted from the Registration Statement were:
(a) The Company's assets, including loans and mortgage-related securities were impaired to a greater 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 its impaired assets; and (d) The Company's capital base was not as well capitalized as it had represented.

On June 8, 2009, the plaintiff filed a notice voluntarily dismissing the claims without prejudice against PricewaterhouseCoopers LLP. On August 27, 2009, Judge William S. Duffey, Jr. signed the order consolidating several related class actions into the first filed case, Belmont Holdings Corp. v. SunTrust Banks, Inc., et al, Civil Action No. 1:09-cv-1185-WSD.

On September 29, 2009, Judge William S. Duffey, Jr., signed the Opinion ad Order granting the Belmont Holdings Corp.’s Motion for Consolidation, Appointment as Lead Plaintiff and Approval of its Selection of Lead Counsel. Plaintiff Belmont Holdings Corp. is appointed lead plaintiff and that Coughlin Stoia Geller Rudman & Robbins LLP are approved as lead counsel. On November 30, 2009, the lead plaintiff filed a Consolidated Complaint. On January 29, 2010, the defendants filed several motions to dismiss the Consolidated Complaint.

On September 10, 2010, Judge William S. Duffey granted the motions to dismiss and gave plaintiffs leave to file an amended complaint on or before October 8, 2010. The plaintiffs filed their First Amended Consolidated Complaint on October 8th. The defendants responded by filing motions to dismiss on March 21, 2011.

On September 7, 2011, Judge William S. Duffey, Jr., denied certain motions to dismiss and granted in part and denied in part Defendant Ernst & Young LLP's motion to dismiss. It was granted to the extent Plaintiff makes any claims under GAAP or GAAS, or for inadequate internal controls, that are related to representatives other than those concerning the ALLL, loan loses, and Provision. The Motion was denied otherwise. On September 28, 2011, defendants filed motions for reconsideration of the above order.

On August 28, 2012, the Court issued an Order granting the defendants' motions for reconsideration. Plaintiff's claims against all defendants were dismissed.

COMPANY INFORMATION:

Sector: Financial
Industry: Regional Banks
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: STIZ
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-01185
JUDGE: Hon. Thomas W. Thrash, Jr
DATE FILED: 05/04/2009
CLASS PERIOD START: 02/27/2008
CLASS PERIOD END: 01/22/2009
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/
  3. Law Offices of Bernard M. Gross (Philadelphia)
    John Wanamaker Building; 100 Penn Square East, Suite 450, Law Offices of Bernard M. Gross (Philadelphia), PA 19107
    215.561.3600 215.561.3600 · susang@bernardmgross.com
No Document Title Filing Date
COURT: N.D. Georgia
DOCKET #: 09-CV-01185
JUDGE: Hon. Thomas W. Thrash, Jr
DATE FILED: 10/08/2010
CLASS PERIOD START: 02/27/2008
CLASS PERIOD END: 01/22/2009
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Law Offices of Bernard M. Gross (Philadelphia)
    John Wanamaker Building; 100 Penn Square East, Suite 450, Law Offices of Bernard M. Gross (Philadelphia), PA 19107
    215.561.3600 215.561.3600 · susang@bernardmgross.com
  2. Robbins Geller Rudman & Dowd LLP (San Diego)
    655 West Broadway, Suite 1900, Robbins Geller Rudman & Dowd LLP (San Diego), CA 92101
    619.231.1058 619.231.7423 ·
  3. Robbins Geller Rudman & Dowd LLP (Atlanta)
    3424 Peachtree Road, NE, Suite 1650, Robbins Geller Rudman & Dowd LLP (Atlanta), GA 30326
    404.504.6500 404.504.6501 ·
No Document Title Filing Date
No Document Title Filing Date