Case Page

 

Case Status:    SETTLED
On or around 05/10/2016 (Date of order of final judgment)

Filing Date: May 14, 2012

According to the law firm press release, the complaint charges JPMorgan and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Defendant JPMorgan is a financial holding company, which provides various financial services worldwide. During the Class Period, as alleged in the complaint, Defendants issued materially false and misleading statements regarding certain securities trading by the Company’s Chief Investment Office (“CIO”). Specifically, Defendants misrepresented and/or failed to disclose that the CIO had engaged in extremely risky and speculative trades that exposed JPMorgan to significant losses.

As alleged in the complaint, on May 10, 2012, JPMorgan filed its Form 10-Q for the quarter ended March 31, 2012, with the Securities and Exchange Commission. After the market closed, JPMorgan held a conference call with analysts and investors to discuss the Form 10-Q. Defendants opened the conference call by revealing that the Company’s CIO trading had sustained a multi-billion dollar trading loss. In response to this disclosure, the price of JPMorgan stock declined from $40.74 per share to $36.96 per share on extremely heavy trading volume.

On August 21, 2012, the Arkansas Teacher Retirement System, State Teachers Retirement System of Ohio, School Employees Retirement System of Ohio, Ohio Public Employees Retirement System, State of Oregon by and through the Oregon State Treasurer on behalf of the Common School Fund and, together with the Oregon Public Employee Retirement Board, on behalf of the Oregon Public Employee Retirement Fund, and Sjunde AP-Fonden (collectively, the "Public Pension Funds") motion for appointment as Lead Plaintiff was granted by the Court.

On November 20, 2012, a Consolidated Amended Class Action Complaint was filed by the plaintiffs against the defendants.

On April 12, 2013, a second amended complaint was filed by the plaintiffs against the defendants.

On July 17, 2014, the parties stipulated to the dismissal of Lead Plaintiff School Employees Retirement System of Ohio as a plaintiff in this action.

On September 2, 2014, the parties stipulated to the dismissal of Lead Plaintiff State Teachers Retirement System of Ohio as a plaintiff in this action.

On December 18, 2015, the parties entered into a Stipulation of Settlement. The Settlement was preliminarily approved by the Court on January 19, 2016. The Settlement was granted final approval on May 10, and this case was dismissed.

COMPANY INFORMATION:

Sector: Financial
Industry: Money Center Banks
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: JPM
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 #: 12-CV-03852
JUDGE: Hon. George B. Daniels
DATE FILED: 05/14/2012
CLASS PERIOD START: 04/13/2012
CLASS PERIOD END: 05/11/2012
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 ·
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 12-CV-03852
JUDGE: Hon. George B. Daniels
DATE FILED: 11/20/2012
CLASS PERIOD START: 02/24/2010
CLASS PERIOD END: 05/21/2012
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Bernstein Litowitz Berger & Grossmann LLP (New York, NY)
    1285 Avenue of the Americas, 33rd Floor, Bernstein Litowitz Berger & Grossmann LLP (New York, NY), NY 10019
    212.554.1400 212.554.1444 · blbg@blbglaw.com
  2. Grant & Eisenhofer (New York)
    485 Lexington Avenue, 29th Floor, Grant & Eisenhofer (New York), NY
    646.722.8500 646.722.8500 · lawyers@gelaw.com
  3. Kessler Topaz Meltzer & Check LLP (Pennsylvania)
    280 King of Prussia Road, Kessler Topaz Meltzer & Check LLP (Pennsylvania), PA 19087
    610.667.7706 610.667.7706 · info@ktmc.com
No Document Title Filing Date
No Document Title Filing Date