NEW YORK, March 15, 2017 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in The Toronto-Dominion Bank (“TD Bank” or the “Company”) (NYSE: TD ) of the May 11, 2017 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.
The lawsuit has been filed in the U.S. District Court for the District of New Jersey on behalf of all those who purchased TD Bank securities between December 3, 2015 and March 9, 2017 (the “Class Period”). The case, DURIGON v. THE TORONTO-DOMINION BANK et al , No. 1:17-cv-01665 was filed on March 12, 2017, and has been assigned to Judge Noel Lawrence Hillman.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) 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 customer’s expense in order to meet sales targets; (2) the Company illicitly increased customer’s lines of credit and overdraft protection amounts without their knowledge, and illicitly upgraded customers to higher-fee accounts without informing them; (3) the Company lied to customers as to the risk of the Company’s products; and (4) as a result, the Company’s statements about its business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis.
Specifically, on March 10, 2017, CBC News published a report on TD Bank revealing that unrealistic sales revenue goals have led employees to breaking the law at their customer’s expense in order to meet sales targets and keep their job.
On this news, TD Bank’s share price fell from $51.77 per share on March 9, 2017 to a closing price of $49.02 on March 10, 2017—a $2.75 or a 5.31.% drop.
Request more information now by clicking here: www.faruqilaw.com/TD . There is no cost or obligation to you.
Take Action
If you invested in TD Bank securities between December 3, 2015 and March 9, 2017 and would like to discuss your legal rights, visit www.faruqilaw.com/TD . You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com . Faruqi & Faruqi, LLP also encourages anyone with information regarding TD Bank’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class that is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
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FARUQI & FARUQI, LLP 685 Third Avenue, 26th Floor New York, NY 10017 Attn: Richard Gonnello, Esq. rgonnello@faruqilaw.com Telephone: (877) 247-4292 or (212) 983-9330
