NEW ORLEANS--(BUSINESS WIRE)--Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC (“KSF”), announces that KSF has commenced an investigation into Bank of America Corporation (NYSE: BAC).
On April 28, 2014, Bank of America announced a $4 billion downward revision of the Company’s previously disclosed regulatory capital due to an accounting error related to the Company’s 2009 acquisition of Merrill Lynch & Co. The Company further announced that the Federal Reserve Board has required the Company to resubmit its data templates and requested capital actions and directed that the Company suspend its plan to buy back more shares and raise its dividend. The Federal Reserve Board stated that, “Bank of America must address the quantitative errors in its regulatory capital calculations as part of the resubmission and must undertake a review of its regulatory capital reporting to help ensure there are no further errors.”
KSF’s investigation is focusing on whether Bank of America and/or its officers and directors violated state or federal securities laws.
If you have information that would assist KSF in its investigation, or own a significant amount of Bank of America stock that was purchased recently and would like to discuss your legal rights, you may, without obligation or cost to you, e-mail or call KSF Managing Partner Lewis Kahn (firstname.lastname@example.org) or KSF Partner Melinda Nicholson (email@example.com) toll free at 1-877-515-1850.
About Kahn Swick & Foti, LLC
KSF, whose partners include the Former Louisiana Attorney General Charles C. Foti, Jr., is a law firm focused on securities class action and shareholder derivative litigation with offices in New York and Louisiana. KSF's lawyers have significant experience litigating complex securities class actions nationwide on behalf of both institutional and individual shareholders.
To learn more about KSF, you may visit www.ksfcounsel.com.