JPMorgan Chase & Co
Class Period: Apr 13, 2012 to May 11, 2012
Lead Plaintiff Deadline: Jul 13, 2012 + Deadline passed
Summary of Case:
A securities class action has been filed against JPMorgan Chase & Co. ("JPMorgan" or the "Company") on behalf of all purchasers of the common stock of JPMorgan between April 13, 2012 and May 11, 2012. This case has been filed in the USDC - New York (Southern).
The Complaint alleges as follows: During the Class Period, 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.
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.
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.