(DALLAS) Kendall Law Group, led by a former federal judge, today announced that a lawsuit has been filed against State Street Corporation (NYSE: STT) alleging securities violations related to public statements made by the company between October 17, 2006 and October 19, 2009.
The complaint, filed in the District of Massachusetts, alleges that State Street and certain officers violated the federal securities laws for misleading statements made concerning their scheme to substantially mark up foreign currency trades. According to the complaint, the alleged scheme caused clients to overpay for foreign trades and allowed State Street to reap illegal profits. These illegal profits caused the Company’s financial results to be materially inflated. The complaint also alleges that State Street’s financial results were not prepared in accordance with Generally Accepted Accounting Principles due to inadequate internal and financial controls.
Edmund Brown, Jr., California Attorney General, announced on October 20, 2009 that he had filed suit against State Street for “unconscionable fraud” against California’s two largest pension funds. The suit also alleges that State Street was illegally overcharging the pension funds for the costs of executing foreign currency trades since 2001. On this announcement, stock prices dropped nearly 8.5% closing at $47.84 on October 20, 2009.
Any shareholder, who purchased State Street stock during the above time period, may move the Court to serve as a plaintiff in this class action. If you wish to serve as lead plaintiff, you must move the Court for appointment by February 16, 2010. A lead plaintiff is a class member who acts on behalf of other class members in directing the litigation. Your ability to share in any recovery is not, affected by the decision to serve as a lead plaintiff.
Led by a former federal judge and former U.S. Attorney, Kendall Law Group has the credentials to pursue any type of complex securities litigation in the nation. If you wish to learn more about your rights as a shareholder or have information concerning this action, contact attorney Hamilton Lindley at 877-744-3728 or hlindley@kendalllawgroup.com.
Tags: class action, Kendall Law Group, NYSE: STT, Securities Violdations, shareholder, State Street Corporation