NEW YORK--(BUSINESS WIRE)--Labaton Sucharow LLP, a leading, awarding winning investor rights law firm, announces it is investigating potential securities claims on behalf of former shareholders of MB Financial Inc. (“MB”), concerning allegations that Fifth Third Bancorp (NASDAQ: FITB), may have issued materially misleading business information to the investing public in connection with its March 2019 merger with MB.
On March 2, 2020, Fifth Third revealed in a 10-K reporting its results for the quarter and year ended December 31, 2019, that the Consumer Financial Protection Bureau (“CFPB”) “notified Fifth Third that it intends to file an enforcement action in relation to alleged unauthorized account openings.” Shortly thereafter, Bloomberg published an article publicizing the forthcoming CFPB complaint. Then, on March 9, 2020, the CFPB announced that it had filed a lawsuit against Fifth Third in federal court, disclosing significant additional information concerning its investigation into the Company and its violations of the Consumer Financial Protection Act, the Truth in Lending Act, and the Truth in Savings Act and their implementing regulations. Since the Merger, Fifth Third’s common stock has fallen as low as $11.67, or almost 50% of the price of the Company’s stock the date the merger closed.
If you are a former MB shareholder and wish to learn more or discuss the issues surrounding the investigation, please contact David J. Schwartz using the toll-free number (800) 321-0476 or via email at firstname.lastname@example.org.
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Labaton Sucharow LLP is one of the world’s leading complex litigation firms representing clients in securities, antitrust, corporate governance and shareholder rights, and consumer cybersecurity and data privacy litigation. Labaton Sucharow has been recognized for its excellence by the courts and peers, and it is consistently ranked in leading industry publications. Offices are located in New York, NY, Wilmington, DE, and Washington, D.C. More information about Labaton Sucharow is available at http://www.labaton.com.