SunTrust Banks Inc (NYSE: STI) Investor Securities Class Action Lawsuit 03/06/2009

If you purchased shares 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 03/06/2009
Case Status: 
Case Dismissed
Affected Securities
NYSE: STI
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
03/06/2009
Class Period Begin: 
07/22/2008
Class Period End: 
01/21/2009
Court of Filing: 
U. S. District Court for the Northern District of Georgia
Deadline To File for Lead: 
05/05/2009
Case Dismissed: 
08/19/2010
Summary: 

August 20, 2010 - The court entered a judgment dismissing the case.

August 19, 2010 - The court granted defendants' motion to dismiss.

February 23, 2009 - Defendants filed a motion to dismiss.

December 23, 2009 - The lead plaintiff filed an amended consolidated complaint.

August 31, 2009 - Lead plaintiff and lead counsel were appointed and all cases were consolidated.

August 3, 2009 - Lead plaintiff motion was filed.

March 6, 2009 - An investor in shares of SunTrust Banks Inc (NYSE: STI) filed a lawsuit in the U.S. District Court for the Northern District of Georgia on behalf of purchasers of SunTrust Banks Inc publicly traded securities (NYSE: STI) between July 22, 2008 and January 21, 2009 against SunTrust Banks Inc and certain of its officers and directors with alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between July 22, 2008 and January 21, 2009.

According to the complaint the plaintiff alleges that SunTrust Banks Inc and certain of its officers and directors violated the Securities Exchange Act of 1934 by issuing between July 22, 2008 and January 21, 2009 false and misleading statements about SunTrust Banks Inc’s financial results and conditions.

The plaintiff alleges among other things, that SunTrust Banks Inc was not as well capitalized as represented, and, notwithstanding the $3.5 billion SunTrust Banks Inc received on November 17, 2008 from the Troubled Asset Relief Program, SunTrust Banks Inc announced that it would have to raise an additional $1.4 billion in TARP funds just three weeks later. As SunTrust Banks Inc’s true condition slowly came to light in a series of write-downs, reserve increases and capital-raising, SunTrust Banks Inc’s stock price dropped from a high of over $59 per share between July 22, 2008 and January 21, 2009 to less than $14 per share, so the lawsuit.