CASES
State Steet Corp. (2010)
Class Period: Oct 17, 2006 to Oct 19, 2009
Summary of Case:
A securities class action has been filed against State Street Corp. (2010) (STT) ("State Street" or the "Company") on behalf of all those who purchased or otherwise acquired State Street Corp. publicly traded securities between October 17, 2006 and October 19, 2009, inclusive (the "Class Period") and persons who purchased or otherwise acquired State Street's common stock pursuant and/or traceable to a registered public offering conducted on or about June 3, 2008 (the "Offering"), in the United States District Court of Massachusetts.
The complaint alleges that State Street misled investors regarding its exposure to billions of dollars in losses on investments in off-balance sheet conduits, in the Company's securities lending program and in its own investment portfolio. The Company's reported financial results were also inflated by millions of dollars throughout the Class Period from income derived from fraudulently pricing FX trades that State Street executed for its institutional investor clients. Defendants' fraudulent scheme and course of business: (i) deceived the investing public regarding State Street's business, operations, management, prospects, and the intrinsic value of State Street securities; (ii) caused Plaintiff and other members of the Class to purchase State Street securities at artificially inflated prices; and (iii) caused significant damages to Plaintiff and other members of the Class when the truth regarding State Street's financial condition and business operations was revealed.
If you purchased this company's shares during the Class Period and suffered a loss or for further information about the case, please review the links below.