Rosen Law Firm, a global investor rights law firm, announces that an investor filed a class action on behalf of purchasers of securities of The Toronto-Dominion Bank (NYSE: TD) between February 29, 2024 and October 9, 2024, both dates inclusive (the “Class Period”). TD is an international bank.
For more information, submit a form, email attorney Phillip Kim, or give us a call at 866-767-3653.
The Allegations: Rosen Law Firm is Investigating the Allegations that The Toronto-Dominion Bank (NYSE: TD) Misled Investors Regarding its Business Operations.
According to the complaint, defendants provided investors with material information concerning the scope of the issues surrounding TD’s anti-money laundering (“AML”) program employed to comply with the United States’ Bank Secrecy Act (“BSA”), the ability for defendants to “fix” those issues, and the punitive and remedial compliance measures likely to be imposed upon TD through the resolution of these investigations. Defendants’ statements included, among other things, confidence in TD’s optimistic claims of updating and fixing the existing AML program, alleging a full understanding of the scope of the issues the program was facing, and setting aside specific provisional estimates as to the monetary impact of the punitive and compliance measures believed to be imposed.
Defendants provided these overwhelmingly positive statements to investors while, at the same time, disseminating materially false and misleading statements and/or concealing material adverse facts concerning the true state of TD’s AML program; pertinently, TD concealed or otherwise minimized the significance of the failures of TD’s AML program and made no indication that the imposition of an asset cap or other punitive or compliance measures would be imposed that would undermine TD’s continued growth for the foreseeable future. Such statements absent these material facts caused shareholders to purchase TD’s securities at artificially inflated prices. When the true details entered the market, the lawsuit claims that investors suffered damages.
What Now: You may be eligible to participate in the class action against TD. Shareholders who want to serve as lead plaintiff for the class must file their motions with the court by December 23, 2024. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member. For more information, click here.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
About Rosen Law: Some law firms issuing releases about this matter do not actually litigate securities class actions; Rosen Law Firm does. A recognized leader in shareholder rights litigation, the attorneys and staff of Rosen Law Firm have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing. Since our inception, we have obtained over $1 billion for shareholders.
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