Faruqi & Faruqi, LLP Announces Filing of a Class Action Lawsuit Against E*TRADE Financial Corporation (ETFC)


James M. Wilson, Jr. James M. Wilson, Jr.
Partner

Tel: (212) 983-9330
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E-mail: jwilson@faruqilaw.com

Faruqi & Faruqi, LLP has filed a class action lawsuit in the United States District Court for the Southern District of New York, Case No. 1:20-cv-03322 on behalf of shareholders of E*TRADE Financial Corporation (“E*TRADE” or the “Company”) (NASDAQ:ETFC) who have been harmed by E*TRADE’s and its board of directors’ (the “Board”) alleged violations of Sections 14(a) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) in connection with the proposed merger of the Company with Morgan Stanley (the “Proposed Transaction”). 

On February 20, 2020, the Board caused the Company to enter into an agreement and plan of merger under which E*TRADE shareholders stand to receive 1.0432 shares of Morgan Stanley common stock for each share of E*TRADE stock they own.

The complaint alleges that the Form S-4 Registration Statement filed with the Securities and Exchange Commission violates Sections 14(a) and 20(a) of the Exchange Act because it provides materially incomplete and misleading information about the Company and the Proposed Transaction, including information concerning the Company’s financial projections and analysis, on which the Board relied to recommend the Proposed Transaction as fair to E*TRADE shareholders. 

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