Synovus Financial Corp (NYSE: SNV) Investor Securities Class Action Lawsuit 07/06/2009

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Company Name(s): 
Synovus Financial Corp.
Case Name: 
Synovus Financial Corp Class Action Lawsuit 07/06/2009
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Approved
Affected Securities
NYSE: SNV
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
07/06/2009
Class Period Begin: 
10/26/2007
Class Period End: 
04/22/2009
Court of Filing: 
U.S. District Court for the Northern District of Georgia
Deadline To File for Lead: 
09/04/2009
Date Settled: 
11/18/2014
Settlement Amount: 
$11,750,000
Deadline to Participate in Settlement: 
11/04/2014
Summary: 

November 18, 2014 - The court approved the settlement, entered the orders approving the plan of allocation, the motion for attorneys’ fees and expenses, and dismissed the action with prejudice.

June 4, 2014 - The court preliminarily approved the settlement.

March 10, 2014 - Parties filed a stipulation of settlement.

September 26, 2012 - The court denied the defendants' motion for reconsideration.

April 19, 2012 - The defendants filed a motion for reconsideration.

March 23, 2012 - The court granted in part and denied in part the defendants' motion to dismiss. The court granted the dismissal of an individual defendant.

July 27, 2011 - The defendants filed a motion to dismiss.

June 27, 2011 - The lead plaintiffs filed a second amended complaint.

May 19, 2011 - The court denied the defendants motion to dismiss and directed the plaintiffs to file an amended complaint.

August 13, 2010 - The defendants filed a motion to dismiss.

June 11, 2010 - The lead plaintiffs filed an amended consolidated complaint on behalf of investors who purchased Synovus Financial Corp (NYSE: SNV) common shares between October 26, 2007 and April 22, 2009. The lead plaintiffs allege that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between October 26, 2007 and April 22, 2009.

February 2, 2010 - The lead plaintiffs and lead counsel were appointed.

December 21, 2009 - An additional lead plaintiff motion was filed.

December 1, 2009 - All cases were consolidated.

September 8, 2009 - Lead plaintiff motions were filed.

July 6, 2009 - An investor in shares of Synovus Financial Corp (NYSE: SNV) filed a lawsuit in the U.S. District Court for the Northern District of Georgia against Synovus Financial Corp over alleged violations of Federal Securities Laws.

According to the complaint the plaintiff alleges Synovus Financial Corp (NYSE: SNV) and certain of its officers and directors violated the Securities Exchange Act of 1934 by issuing between January 24, 2008 and January 21, 2009 materially false and misleading statements regarding Synovus Financial Corp’s business and financial results and engaged in improper behavior which harmed Synovus Financial Corp’s investors by failing to disclose the extent of its large exposure to the Sea Island Company, a resort in Georgia, and the deteriorating condition of Sea Island.

The plaintiff claims that Synovus Financial Corp also failed to adequately and timely record losses for its impaired loans, causing its financial results to be materially false and as a result of defendants alleged false statements, Synovus Financial Corp stock (NYSE: SNV) traded at artificially inflated prices between January 24, 2008 and January 21, 2009, reaching a high of $13.49 per share on February 1, 2008. Then, on January 22, 2009, so the lawsuit, Synovus Financial Corp reported a net loss for the fourth quarter of 2008 of $637 million, or $1.93 per share. The fourth quarter 2008 results included provision expense of $364 million and a $443 million non-cash goodwill impairment charge. According to the complaint on this news, Synovus Financial Corp stock fell to as low as $4.52 before it closed at $4.75 per share on January 22, 2009.

Synovus Financial Corp, located in Columbus, GA, is a diversified financial services company and a registered bank holding company. Synovus Financial Corp provides financial services, including commercial and retail banking, financial management, insurance, mortgage and leasing services.

Synovus Financial Corp reported a net income of $526.30million with Total Assets of $33.06448 billion in 2007. Shares of Synovus Financial Corp traded recently at $2.75 per share, down from a 52weekHigh of $23.70 per share.