The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against The Toronto-Dominion Bank (TD)

Published 10 days ago via Business Wire

The Law Offices of Frank R. Cruz reminds investors of the upcoming December 23, 2024 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who acquired The Toronto-Dominion Bank (“TD” or the “Company”) (NYSE: TD) securities between March 7, 2022 to October 9, 2024, inclusive (the “Class Period”).

If you are a shareholder who suffered a loss, click here to participate.

On October 10, 2024, news outlets reported that TD had plead guilty to criminal money-laundering-related charges and agreed to pay more than $3 billion in fines to the U.S. Department of Justice, the Federal Reserve, the Comptroller of the Currency, and the Treasury Department’s Financial Crimes Enforcement Network. News outlets further reported the Comptroller of the Currency imposed an “asset cap” which limits the Company’s growth until it complies with remedial actions specified by regulators.

On this news, TD’s stock price fell $6.50, or 10.5%, over two consecutive trading days, to close at $57.01 per share on October 11, 2024, thereby injuring investors.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) TD’s optimistic claims of updating and fixing the Company’s AML program, alleging a full understanding of the scope of the issue, and further setting aside a significant provision of approximately $3 billion claimed to cover the anticipated monetary impact of the resolutions fell well short of any level of appropriate transparency towards its investors; and (2) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

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If you purchased or otherwise acquired TD securities during the Class Period, you may move the Court no later than December 23, 2024 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 2121 Avenue of the Stars, Suite 800, Century City, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

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