PHILADELPHIA, Oct. 29, 2024 (GLOBE NEWSWIRE) -- Berger Montague PC advises investors that a securities class action lawsuit has been filed against The Toronto-Dominion Bank (“TD” or the “Company”) (: TD) on behalf of purchasers of TD securities between February 29, 2024 and October 9, 2024, inclusive (the “Class Period”).
Investor Deadline: Investors who purchased or acquired TD securities during the Class Period may, no later than DECEMBER 23, 2024, seek to be appointed as a lead plaintiff representative of the class. For additional information or to learn how to participate in this litigation, please contact Berger Montague: Andrew Abramowitz at [email protected] or (215) 875-3015, or Peter Hamner at [email protected] or (215) 875-3048, or CLICK HERE.
TD is a Canadian financial institution headquartered in Toronto.
According to the complaint, TD and its senior executives misrepresented the Company’s anti-money laundering (“AML”) program maintained purportedly to comply with the U.S. Bank Secrecy Act (‘BSA”). The suit alleges that Defendants concealed the true state of TD’s AML program and the fact that the imposition of an asset cap or other punitive measures would undermine TD’s continued growth for the foreseeable future.
On October 10, 2024, TD disclosed that it would pay $3.09 billion in fines for AML and BSA failures. It further disclosed that, as a result of its settlement with regulators, TD would be subject to an asset cap which prevented its U.S. subsidiaries from exceeding a collective $434 billion. According to the U.S. Department of Justice, TD’s failures represented “the largest bank in U.S. history to plead guilty to Bank Secrecy Act program failures, and the first US bank in history to plead guilty to conspiracy to commit money laundering.”
On these announcements, the price of TD’s common stock declined from a closing price of $63.51 per share on October 9, 2024, to a close of $59.44 per share on October 10, 2024, and to a close the next day of $57.01 per share on October 11, 2024. This represented a decline of more than 10.23% over two trading days.
A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the Court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.
Berger Montague, with offices in Philadelphia, Minneapolis, Delaware, Washington, D.C., San Diego, San Francisco, and Chicago, has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague has represented individual and institutional investors for over five decades and serves as lead counsel in courts throughout the United States.
Contact:
Andrew Abramowitz, Senior Counsel
Berger Montague
(215) 875-3015
[email protected]
Peter Hamner
Berger Montague PC
(215) 875-3048
[email protected]
