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Case Status:    DISMISSED    
On or around 08/19/2010 (Date of order of final judgment)

Filing Date: June 09, 2009

The original complaint alleges that defendants repeatedly touted its supposedly conservative management practices and avoidance of risky assets associated with subprime residential mortgages. Defendants, however, failed to disclose that Raymond James Financial understated the credit risks of its wholly owned subsidiary's commercial and residential loan portfolios, and failed to set aside adequate reserves for the losses that Raymond James Financial knew, or recklessly disregarded, were forthcoming. On April 14, 2009, Raymond James Financial shocked investors when it announced that results for the second fiscal quarter ended March 31, 2009, would be well below the consensus analysts' estimates. Raymond James Financial also announced that both its commercial and residential portfolios would require higher loss reserves, with the loan loss provision tripling from the previous quarter. In response to such an unexpected sharp increase in loan loss provisions, Raymond James Financial common stock dropped $2.57 per share, or 13.48%, to close at $16.49 per share on April 15, 2009.

On September 1, 2009, Judge Robert P. Patterson signed the Order appointing the Louisiana School Employees' Retirement System as lead plaintiff and approving lead plaintiff’s selection of the law firm of Grant & Eisenhofer P.A. as lead counsel for the plaintiff class. On November 25, 2009, the plaintiffs filed an Amended Class Action Complaint. The defendants responded by filing a motion to dismiss the Amended Class Action Complaint.

On August 16, 2010, Judge Robert P. Patterson granted the defendants’ motion to dismiss. The Amended Complaint was dismissed without prejudice. On August 19, 2010, the Court entered the Clerk's Judgment.

COMPANY INFORMATION:

Sector: Financial
Industry: Investment Services
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: RJF
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: S.D. New York
DOCKET #: 09-CV-05347
JUDGE: Hon. Robert P. Patterson
DATE FILED: 06/09/2009
CLASS PERIOD START: 04/22/2008
CLASS PERIOD END: 04/14/2009
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Faruqi & Faruqi LLP (New York)
    685 3rd Avenue 26th Floor, Faruqi & Faruqi LLP (New York), NY
    212..983.9330 212..983.9331 ·
  2. Gardy & Notis, LLP (NJ)
    440 Sylvan Avenue, Gardy & Notis, LLP (NJ), NJ 07632
    201-567-7377 201-567-7337 · info@gardylaw.com
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 09-CV-05347
JUDGE: Hon. Robert P. Patterson
DATE FILED: 11/25/2009
CLASS PERIOD START: 04/22/2008
CLASS PERIOD END: 04/14/2009
PLAINTIFF FIRMS NAMED IN COMPLAINT:
No Document Title Filing Date