Fifth Third Bancorp (FITB)


Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses Exceeding $50,000 In Fifth Third Bancorp To Contact The Firm 

Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Fifth Third Bancorp (“Fifth Third” or the “Company”) (NASDAQ:FITB) of the June 8, 2020 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company. 

If you invested in Fifth Third stock or options between February 26, 2016 and March 6, 2020 and would like to discuss your legal rights, please fill out the form below. There is no cost or obligation to you. 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.  

The lawsuit has been filed in the U.S. District Court for the Northern District of Illinois on behalf of all those who purchased Fifth Third securities between February 26, 2016 and March 6, 2020 (the “Class Period”).  The case, Christakis v. Fifth Third Bancorp et al., No. 1:20-cv-02176 was filed on April 7, 2020, and has been assigned to Judge Andrea R. Wood.

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) 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) 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) Fifth Third failed to properly implement and monitor its cross-sell program, detect and stop misconduct, and identify and remediate harmed consumers; (4) all the foregoing subjected the Company to a foreseeable risk of heightened regulatory scrutiny or investigation; (5) 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. 

On March 9, 2020, during pre-market hours, the CFPB announced that it had filed a lawsuit against Fifth Third Bank in federal court, alleging that Fifth Third Bank had 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 stock price fell from $22.20 per share on March 6, 2020 to $18.30 per share on March 9, 2020: a $3.90 or 17.57% drop. 
 

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Fifth Third Bancorp (FITB)

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Details

Filed on 03/05/2020

Ticker NASDAQ:FITB

Lead Plaintiff Deadline 06/08/2020

Office

1617 JFK Boulevard, Suite 1550

19103 Philadelphia, Pennsylvania

Phone (215) 277-5770

Fax (215) 277-5771

Counsel

Alex B. Heller aheller@faruqilaw.com Phone (215) 277-5770 Fax (215) 277-5771

Christopher M. Lash clash@faruqilaw.com Phone (215) 277-5770 Fax (215) 277-5771

Finding us

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Georgia

3975 Roswell Rd Suite A
Atlanta, Georgia 30342
(404) 847-0617
(404) 506-9534

Pennsylvania

1617 JFK Boulevard, Suite 1550
Philadelphia, Pennsylvania 19103
(215) 277-5770
(215) 277-5771

Faruqi & Faruqi office in New York, New York

Faruqi & Faruqi office in Los Angeles, California

Faruqi & Faruqi office in Wilmington, Delaware

Faruqi & Faruqi office in Atlanta, Georgia

Faruqi & Faruqi office in Philadelphia, Pennsylvania