SunTrust Banks Inc (ARS) (NYSE: STI) Investor Securities Class Action Lawsuit 04/02/2008

If you purchased Auction Rate Securities (ARS) of SunTrust Banks Inc (NYSE: STI), you might have certain options and should contact the Shareholders Foundation, Inc.

To have your information reviewed for options and to recieve notifications about this case, please use this form. You may also send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Company Name(s): 
SunTrust Banks
Case Name: 
SunTrust Banks Shareholder Class Action Lawsuit 04/02/2008
Case Status: 
Case Dismissed
Affected Securities
NYSE: STI
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
04/02/2008
Class Period Begin: 
04/01/2003
Class Period End: 
02/13/2008
Court of Filing: 
U.S. District Court for the Northern District of Georgia
Deadline To File for Lead: 
06/02/2008
Case Dismissed: 
09/25/2009
Summary: 

September 25, 2009 - The court ordered the case dismissed.

September 24, 2009 - The court granted the defendants' motion to dismiss.

February 24, 2009 - The defendants filed a motion to dismiss.

February 4, 2009 - The lead plaintiff filed a second amended complaint.

December 24, 2008 - The defendants filed a motion to dismiss.

November 24, 2008 - The lead plaintiff filed an amended complaint.

September 17, 2008 - The lead plaintiff and lead counsel were appointed.

June 2, 2008 - A lead plaintiff motion was filed.

May 13, 2008 - The defendants filed a motion to dismiss.

April 2, 2008 - An investor in Auction Rate Securities (ARS) of SunTrust Banks Inc (NYSE: STI) filed a lawsuit in the U.S. District Court for the Northern District of Georgia against SunTrust Banks Inc over alleged violations of Federal Securities Laws between April 1, 2003 through February 13, 2008.

The complaint alleges that, pursuant to uniform sales materials and/or top-down management directives, SunTrust Banks Inc offered and sold Auction Rate Securities to the public as highly liquid cash-management vehicles and as suitable alternatives to money market mutual funds. According to the complaint, those who now hold Auction Rate Securities sold by SunTrust Banks Inc cannot liquidate their positions since the auction market for these securities has collapsed.