SAN DIEGO, Oct. 29, 2024 (GLOBE NEWSWIRE) — A class action lawsuit has been filed on behalf of all persons and entities who purchased or otherwise acquired The Toronto-Dominion Bank (NYSE: TD) (“TD” or the “Company”) securities between February 29, 2024 and October 9, 2024, inclusive (the “Class Period”), charging the Company and certain of its current senior executives and other personnel with violations of the federal securities laws (collectively, “Defendants”).
TD investors have until December 23, 2024 to seek appointment as lead plaintiff of the TD class action lawsuit.
If you purchased or acquired TD securities between February 29, 2024 and October 9, 2024, and suffered substantial losses, and you wish to obtain additional information or serve as lead plaintiff in this lawsuit, you may submit your information and contact us here: https://dicellolevitt.com/securities/toronto-dominion-bank/.
You can also contact DiCello Levitt attorneys Brian O’Mara or Hani Farah by calling (888) 287-9005 or emailing investors@dicellolevitt.com. Those who inquire by email are encouraged to include their mailing address, telephone number, and the number of shares purchased.
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice.
Case Allegations
TD is an international bank that operates in four segments: Canadian Personal and Commercial Banking, U.S. Retail, Wealth Management and Insurance, and Wholesale Banking.
The TD lawsuit alleges that Defendants made false and misleading statements and concealed material adverse facts concerning TD’s business and operations. Specifically, Defendants created a false impression that they fully understood the extent to which the Company’s anti-money laundering (“AML”) compliance program was deficient and the potential negative effect such deficiencies would have on the Company if they remained unaddressed. In truth, Defendants’ optimistic statements about restoring the Company’s AML program to cure its deficiencies fell short.
The truth began to emerge on October 10, 2024, when the Company announced that the Company had resolved with authorities and regulators the investigations related to its U.S. Bank Secrecy Act (BSA) and AML compliance programs. The penalties imposed on the Company by several regulatory and law enforcement agencies included a punitive payment of $3.09 billion, an asset cap on the Company’s U.S. subsidiaries, and more stringent approval processes for new initiatives to ensure the Company’s AML risks are mitigated.
On the same day, the Department of Justice issued a press release noting TD’s failures as “the largest bank in U.S. history to plead guilty to Bank Secrecy Act program failures, and the first U.S. bank in history to plead guilty to conspiracy to commit money laundering.”
The market reacted immediately. An RBC Capital Markets analyst noted that the most pertinent penalty imposed on TD “is the asset cap that will restrain TD’s growth efforts in the U.S. for a long time to come.” Another analyst commented, “[w]hile there was hope that the announcement of a global resolution would provide some relief to the stock, the reality of an asset cap is likely to continue to weigh on the valuation over the near-term.”
On this news, the price of TD’s stock fell by $4.07 per share, or 6.4%, to close at $59.44 per share on October 10, 2024.
The next day, the price of TD’s stock fell by $2.43 per share, or 4.2%, to close at $57.01 per share on October 11, 2024, a decline of more than 10.23% in just two days.
About DiCello Levitt
At DiCello Levitt, we are dedicated to achieving justice for our clients through class action, business-to-business, public client, whistleblower, personal injury, civil and human rights, and mass tort litigation. Our lawyers are highly respected for their ability to litigate and win cases – whether by trial, settlement, or otherwise – for people who have suffered harm, global corporations that have sustained significant economic losses, and public clients seeking to protect their citizens’ rights and interests. Every day, we put our reputations – and our capital – on the line for our clients.
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