| COMPANY |
The Toronto-Dominion Bank |
| COURT |
United States District Court for the Southern District of New York |
| CASE NUMBER |
24-cv-08032 |
| JUDGE |
The Hon. Arun Srinivas |
| CLASS PERIOD |
February 29, 2024 through October 9, 2024 |
| SECURITY TYPE |
Securities |
LEAD PLAINTIFF DEADLINE IS DECEMBER 23, 2024.
If you have suffered losses and would like to discuss your rights, please fill out this form or you may contact Jonathan Naji, Esq. at (484) 270-1453 or via e-mail at info@ktmc.com.
Case Background:
On October 10, 2024, TD disclosed that it had pleaded guilty and agreed to pay over $3 billion in penalties to resolve investigations by U.S. authorities into violations of the Bank Secrecy Act and money laundering. The resolution of the investigations also included an asset cap preventing TD's U.S. subsidiaries from collectively exceeding $434 billion in assets and subjects TD to more stringent approval processes for its products, services, and market rollouts. In a corresponding press release, the U.S. Department of Justice described TD as "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 this news, TD's stock price fell $4.07 per share, or 6.41%, to close at $59.44 per share on October 10, 2024.
The complaint alleges that, during the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) TD’s optimistic claims of updating and fixing the company’s AML program, alleging a full understanding of the scope of the issue, and further setting aside a significant provision of approximately $3 billion claimed to cover the anticipated monetary impact of the resolutions fell well short of any level of appropriate transparency towards its investors; and (2) as a result, Defendants’ positive statements about the company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
What is a Lead Plaintiff?
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Filling out the online form above or 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.