BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased The Toronto-Dominion Bank (“TD” or the “Company”) (NYSE: TD) securities between February 29, 2024 to October 9, 2024, inclusive (the “Class Period”). TD investors have until December 23, 2024 to file a lead plaintiff motion.
Investors suffering losses on their TD investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.
On October 10, 2024, news outlets reported that TD had plead guilty to criminal money-laundering-related charges and agreed to pay more than $3 billion in fines to the U.S. Department of Justice, the Federal Reserve, the Comptroller of the Currency, and the Treasury Department’s Financial Crimes Enforcement Network. News outlets further reported the Comptroller of the Currency imposed an “asset cap” which limits the Company’s growth until it complies with remedial actions specified by regulators.
On this news, TD’s stock price fell $6.50, or 10.5%, over two consecutive trading days, to close at $57.01 per share on October 11, 2024, thereby injuring investors.
The complaint filed in this class action 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 failed to disclose to investors that: (1) TD’s optimistic claims of updating and fixing the Company’s AML program, alleging a full understanding of the scope of the issue, and further setting aside a significant provision of approximately $3 billion claimed to cover the anticipated monetary impact of the resolutions fell well short of any level of appropriate transparency towards its investors; and (2) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
If you purchased TD securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847 or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
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