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Case Status:    ONGOING    
On or around 03/03/2016 (Ongoing date of last review)

Filing Date: November 18, 2010

According to the press release dated November 18, 2010, the complaint alleges that, throughout the Class Period, defendants issued materially false and misleading statements regarding the Company’s business and financial results. Specifically, defendants failed to disclose: (i) that the Company improperly delayed recording loan charge offs; (ii) that the Company’s reported income and asset quality were materially overstated due to defendants’ material understatement of Wilmington’s loan loss provisions, loan loss reserves and income tax expense; (iii) that as a result of the foregoing, the Company’s financial statements were materially false and misleading and not fairly presented in conformity with Generally Accepted Accounting Principles; (iv) that the Company’s internal and disclosure controls were materially deficient; (v) that the Company was engaged in unsafe and/or unsound banking practices; and (vi) that based on the foregoing, defendants lacked a reasonable basis for their positive statements about the Company, its prospects and growth.

On November 1, 2010, Wilmington announced it lost $365.3 million in the third quarter of 2010, the quarter ended September 30, 2010, primarily as a result of a $281.5 million charge to “reflect the increased risk in our loan portfolio” and a $100.7 million income tax charge resulting from the Company’s continued losses and the uncertainty about the reliability of Wilmington’s deferred tax asset due to the poor credit quality of it loan portfolio.

On March 07, 2011, an Order Appointing The Institutional Investor Group as Lead Plaintiff, Approving Its Selection of Co-Lead Counsel, and Consolidating All Related Actions was issued by the Court.

On March 29, 2012, the Court issued an Order granting, without prejudice, Defendants' motions to dismiss plaintiffs' consolidated complaint. Plaintiffs were granted leave to file an amended complaint. On May 10, 2012, plaintiffs filed a second amended consolidated complaint.

On January 9, 2013, the plaintiffs filed a third amended consolidated complaint.

On June 13, 2013, the plaintiffs filed a fourth amended consolidated complaint.

On March 20, 2014, the Court issued an Order ruling on the Motions to Dismiss of multiple Defendants.

COMPANY INFORMATION:

Sector: Financial
Industry: Regional Banks
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: WL
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: D. Delaware
DOCKET #: 10-CV-00990
JUDGE: Hon. Leonard P. Stark
DATE FILED: 11/18/2010
CLASS PERIOD START: 10/23/2009
CLASS PERIOD END: 11/01/2010
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Robbins Geller Rudman & Dowd LLP (Melville)
    58 South Service Road, Suite 200, Robbins Geller Rudman & Dowd LLP (Melville), NY 11747
    631.367.7100 631.367.1173 ·
  2. Rosenthal Monhait & Goddess,P.A
    919 Market Street, Suite 1401; Citizens Bank Center, Rosenthal Monhait & Goddess,P.A, DE 19801
    302.656.4433 ·
No Document Title Filing Date
COURT: D. Delaware
DOCKET #: 10-CV-00990
JUDGE: Hon. Leonard P. Stark
DATE FILED: 06/13/2013
CLASS PERIOD START: 01/18/2008
CLASS PERIOD END: 11/01/2010
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Bernstein Litowitz Berger & Grossmann LLP (San Diego)
    12481 High Bluff Drive, Suite 300, Bernstein Litowitz Berger & Grossmann LLP (San Diego), CA 92130
    858.793.0070 858.793.0323 · blbg@blbglaw.com
  2. Chimicles & Tikellis LLP (Wilmington)
    P.O. Box 1035; 222 Delaware Ave, Suite 1100, Chimicles & Tikellis LLP (Wilmington), DE 19801
    302.656.2500 302.656.2500 ·
  3. Saxena White PA (Boca Raton)
    2424 N. Federal Highway, Suite 257, Saxena White PA (Boca Raton), FL 33431
    561.394.3399 561.394.3399 ·
No Document Title Filing Date
No Document Title Filing Date