NEW YORK, Oct. 27, 2020 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against JPMorgan Chase & Co. (“JPMorgan” or the “Company”) (NYSE: JPM) in the United States District Court for the Eastern District of New York on behalf of those who purchased or acquired the securities of JPMorgan between February 23, 2016 and September 23, 2020, inclusive (the “Class Period”). The lawsuit seeks to recover damages for JPMorgan investors under the federal securities laws.
The Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (1) traders at JPMorgan, with the knowledge and consent of their superiors, manipulated the precious metals market by “spoofing,” or placing fake orders to generate the appearance of market demand; (2) JPMorgan had insufficient controls and compliance protocols to enable it to identify and stop the misconduct; (3) JPMorgan’s earnings in the physical commodity market were, at least in part, ill-gotten; (4) such conduct would result in enhanced regulatory scrutiny; (5) JPMorgan provided misleading information to CFTC investigators at early stages of the investigation into the misconduct; (6) resolution of the governmental investigation into JPMorgan would result in a record-breaking $920 million fine; and (7) as a result, Defendants’ statements about JPMorgan’s business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
Investors who purchased or otherwise acquired shares of JPMorgan during the Class Period should contact the Firm prior to the December 23, 2020 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com .
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