Stocks & Investing
Stocks and Investing
Stocks and Investing
Mon, January 26, 2009
Fri, January 23, 2009
Thu, January 22, 2009
Wed, January 21, 2009 Notice of Filing Securities Class Action Against Bank of America Corporation
ATLANTA--([ BUSINESS WIRE ])--Chitwood Harley Harnes LLP ("Chitwood") announces that it has filed a class action lawsuit against Bank of America Corporation ("Bank of America") (NYSE: BAC) and various individuals on behalf of all persons who held securities of Bank of America as of October 10, 2008 entitled to vote (the "Class") at the special meeting of stockholders called to approve Bank of America's Merger with Merrill Lynch & Co. ("the Merger"). The case, filed in the United States District Court for the Northern District of Georgia, alleges that Bank of America and its Board of Directors violated the Securities Exchange Act of 1934. The case has been assigned Civil Action No. 09 Civ. 0159.
A copy of the complaint is available on Chitwood's website, [ www.chitwoodlaw.com ].
If you have questions about this case or your rights as a class member, or wish to submit your transaction information to our firm for evaluation, you may contact us by going to our website and clicking on Bank of America. You may also contact Ze'eva Banks or Molly Havig at 404-873-3900 or toll free at 1-888-873-3999.
If you held securities of Bank of America as of October 10, 2008, you may move the Court to be appointed as lead plaintiff to represent the proposed Class. Motions to be appointed as lead plaintiff must be filed not later than sixty (60) days after the date on which the first notice was published. The date on which first notice was published is January 21, 2009.
Bank of America is a financial holding company that provides banking, investing, asset management and other financial and risk-management products and services to individual consumers and businesses. The complaint alleges that Defendants solicited proxies from Class members by means of a Proxy Statement which contained false and misleading statements concerning the Merger and its benefits to shareholders, as well as failing to state material facts which were necessary to make the statements in the Proxy not false and misleading. As a result of the misrepresentations or omissions of material facts from the Proxy, the Class members were denied the opportunity to make an informed decision in voting on the Merger.
Following the close of the Merger on January 1, 2009, Bank of America disclosed for the first time in a press release on January 16, 2008, the true extent of Merrill Lynch's dire financial condition and Bank of America's appeal to the federal government for assistance to assist in absorbing losses attributable to Merrill Lynch's investments. The press release unexpectedly announced that Bank of America suffered a fourth-quarter loss of $1.79 billion, that it had accepted an additional $20 billion in aid from the federal government, and that the federal government had guaranteed in excess of $100 billion in loan losses to help Bank of America absorb toxic loan-backed security assets it acquired in its merger with Merrill Lynch. Following that announcement, Bank of America's stock fell from approximately $9 to approximately $5 per share, a very substantial drop.
No class has been certified yet in this action. Until a class is certified, you are not represented by an attorney unless you retain one. If you held securities as listed above, you have certain rights. To be a member of the Class, you need not take any action at this time, and you may retain counsel of your choice.
Chitwood Harley Harnes LLP is a law firm that concentrates its nationwide practice in representing victims of corporate mismanagement as well as other complex litigation. Chitwood has been appointed lead counsel in major class actions throughout the United States in both federal and state courts.
