NEW YORK, November 21, 2020 (GLOBE NEWSWIRE) – Pomerantz LLP announces that a class action lawsuit has been filed against JPMorgan Chase & Co. (“JPMorgan” or the “Company”) (NYSE: JPM) and certain of its officers. The class action suit, filed in the United States District Court for the Eastern District of New York, and registered as 20-cv-05590, is in the name of a group consisting of all persons other than the defendants who purchased or otherwise acquired JPMorgan securities between February 23, 2016 and September 23, 2020 inclusive (the “Class Period”). The plaintiff seeks to recover compensable damages caused by the defendants’ violations of federal securities laws under the Securities Act of 1934 (the “Trade Act”).
If you are a shareholder who purchased JPMorgan securities during the Class Period, you have until December 23, 2020 to ask the court to appoint you as the primary claimant. A copy of the complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll free, Ext. 7980. Those inquiring by e-mail are encouraged to include their mailing address, phone number and number of shares purchased.
[Click here for information about joining the class action]
JPMorgan claims to operate as a worldwide financial services company. The Company operates in four segments: consumer and community banking, corporate and investment banking, commercial banking, and asset and wealth management.
The complaint alleges that during the Class Action Period, the defendants knowingly and / or recklessly made false and / or misleading statements about the business, operations and prospects of the company. Specifically, the defendants made false and / or misleading statements and / or failed to disclose that: (i) the company’s traders, with the knowledge and consent of their superiors, manipulated the precious metals market into “Spoofing” or placing bogus orders to generate the appearance of market demand; (ii) the Company had insufficient compliance controls and protocols to enable it to identify and stop the fault; (iii) the Company’s profits in the physical commodities market were, at least in part, ill-gotten; (iv) such conduct would result in enhanced regulatory review; (v) the Company provided misleading information to Commodity Futures Trading Commission investigators in the early stages of the misconduct investigation; (vi) the resolution of the government investigation into the Company would likely result in a significant fine; and (vii) therefore, the Defendants’ statements regarding its business, activities and prospects were materially false and misleading and / or lacked reasonable basis at all material times.
On November 6, 2018, the Department of Justice (“DOJ”) announced in a press release that former JPMorgan precious metals trader John Edmonds pleaded guilty to commodity fraud and conspiracy to ‘identity theft.
On August 20, 2019, the DOJ announced that another JPMorgan employee, Christian Trunz, had pleaded guilty to identity theft charges, and had done so with the knowledge and consent of his superiors.
September 23, 2020, Bloomberg reported that the company is on the verge of reaching a settlement to resolve the identity theft charges. Sources said the settlement was to be for a record close to $ 1 billion.
On this news, JPMorgan shares fell $ 1.53 per share, or about 2%, to close at $ 92.74 per share on September 23, 2020.
Pomerantz, with offices in New York, Chicago, Los Angeles and Paris, is recognized as a leading firm in the areas of corporate, securities and antitrust litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class actions bar, Pomerantz was the pioneer of class actions in securities. Today, more than 80 years later, Pomerantz continues the tradition it established, fighting for the rights of victims of securities fraud, breach of fiduciary duty and professional misconduct. The firm has recovered numerous indemnities of several millions of dollars on behalf of the members of the group. See www.pomerantzlaw.com.
Robert S. Willoughby
888-476-6529 ext. 7980