LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired Fifth Third Bancorp ("Fifth Third" or "the Company") (NASDAQ: FITB) securities between February 26, 2016 and March 6, 2020, inclusive (the “Class Period). Fifth Third investors have until June 8, 2020 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to participate.
On March 9, 2020, the Consumer Financial Protection Bureau ("CFPB") announced that it had filed a lawsuit against Fifth Third Bank, N.A. in federal court, "alleg[ing] that for several years Fifth Third, without consumers' knowledge or consent: opened deposit and credit-card accounts in consumers' names; transferred funds from consumers' existing accounts to new, improperly opened accounts; enrolled consumers in unauthorized online-banking services; and activated unauthorized lines of credit on consumers' accounts. The [CFPB] alleges that Fifth Third violated the Consumer Financial Protection Act's prohibition against unfair and abusive acts or practices as well as the Truth in Lending Act and the Truth in Savings Act and their implementing regulations."
On this news, the Company’s share price fell $3.90, or over 17%, to close at $18.30 per share on March 9, 2020, thereby injuring investors.
The complaint alleges that defendants made false and/or misleading statements and/or failed to disclose: (1) that as a result of Fifth Third Bank’s aggressive incentive policies to promote its cross-sell strategy, Fifth Third Bank employees engaged in unauthorized conduct with customer accounts; (2) that since at least 2008, Fifth Third Bank, and by extension, Fifth Third, was aware of such unauthorized conduct and, thus, that it was violating relevant regulations and laws aimed at protecting its consumers; (3) that Fifth Third failed to properly implement and monitor its cross-sell program, detect and stop misconduct, and identify and remediate harmed consumers; (4) that all the foregoing subjected the Company to a foreseeable risk of heightened regulatory scrutiny or investigation; (5) that Fifth Third’s revenues were in part the product of unlawful conduct and thus unsustainable; and (6) as a result, the Company’s public statements were materially false and misleading at all relevant times.
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If you purchased Fifth Third securities during the Class Period, you may move the Court no later than June 8, 2020 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you purchased Fifth Third 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 Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to email@example.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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