NEW YORK, March 24, 2017 /PRNewswire/ -- Pomerantz LLP
announces that a class action lawsuit has been filed against The Toronto-Dominion Bank ("TD Bank" or the "Company") (NYSE:
TD) and certain of its officers. The class action, filed in United States District Court, District of New Jersey, and docketed under 17-cv-01735, is on behalf of a class consisting of all persons or entities
who purchased or otherwise acquired TD Bank securities between December 3, 2015 and March 9, 2017 both dates inclusive (the "Class Period"), seeking to recover compensable damages caused by
defendants' violations of the Securities Exchange Act of 1934.
If you are a shareholder who purchased TD Bank securities during the Class Period, you have until May
11, 2017 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at
www.pomerantzlaw.com. To discuss this action,
contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll free, ext. 9980. Those who inquire by e-mail are
encouraged to include their mailing address, telephone number, and number of shares purchased.
[Click here to join this
class action]
The Toronto-Dominion Bank conducts a general banking business through banking branches and offices located throughout
Canada and overseas. The Bank and other subsidiaries offer a broad range of banking, advisory
services, and discount brokerage to individuals, businesses, financial institutions, governments, and multinational
corporations.
The Complaint alleges that throughout 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 made false and/or misleading statements and/or failed to disclose that: (i) the Company's wealth asset growth
and increased fee-based revenue was spurred by a performance management system that led to its employees breaking the law at
their customers' expense in order to meet sales targets; (ii) the Company illicitly increased customers' lines of credits and
overdraft protection amounts without their knowledge; (iii) the Company illicitly upgraded customers to higher-fee accounts
without permission; (iv) the Company lied to customers as to the risk of the Company's products and services; and (iv) as a
result of the foregoing, TD Bank's public statements were materially false and misleading at all relevant
times.
On March 6, 2017, CBC News published a report based on interviews with several TD Bank
Group employees, who spoke about the "incredible pressure" to "squeeze profits from customers by signing them up for
products and services they don't need."
On March 10, 2017, CBC News published a more detailed second report, where it
reported that hundreds of current and former employees had responded to the first CBC report with additional stories of pressure
to upsell customers.
On this news, TD Bank's share price fell $2.74, or 5.29%, to close at $49.03 on March 10, 2017.
The Pomerantz Firm, with offices in New York, Chicago,
Florida, and Los Angeles, is acknowledged as one of the premier
firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham
L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class
actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights
of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous
multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/shareholder-alert--pomerantz-law-firm-reminds-shareholders-with-losses-on-their-investment-in-the-toronto-dominion-bank-of-class-action-lawsuit-and-upcoming-deadline--td-300429304.html
SOURCE Pomerantz LLP