On September 23, 2011, Robbins Geller Rudman & Dowd LLP filed a complaint alleging violations of the federal securities laws by Bank of America Corporation and certain of its officers and/or directors. The class action was commenced in the United States District Court for the Southern District of New York on behalf of purchasers of BofA securities between February 25, 2011 and August 5, 2011 (the “Class Period”).
If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from today. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff’s counsel, Samuel H. Rudman or David A. Rosenfeld of Robbins Geller at 800/449-4900 or 619/231-1058, or via e-mail at email@example.com. If you are a member of this class, you can view a copy of the complaint as filed or join this class action online at http://www.rgrdlaw.com/cases/bofaaig/ . Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
The complaint charges BofA and certain of its officers and directors with violations of the Securities Exchange Act of 1934. BofA is one of the largest financial institutions in the world.
The complaint alleges that during the Class Period, defendants misled investors by failing to disclose that BofA potentially owes American International Group, Inc. (“AIG”) over $10 billion. Specifically, defendants’ statements during the Class Period were materially false and misleading for failing to disclose that between 2005 and 2007, BofA and two companies that BofA acquired — Merrill Lynch & Co., Inc. (“Merrill Lynch”) and Countrywide Financial Corporation (“Countrywide”) — and their subsidiaries sold AIG over $28 billion in residential mortgage-backed securities (“RMBS”), and that as a result of these sales, AIG suffered losses in excess of $10 billion and BofA was potentially subject to suit for those losses. Throughout the Class Period, defendants repeatedly informed investors about the claims of other entities for their RMBS losses but not about the massive losses suffered by AIG.