| Company: | Fifth Third Bancorp |
| Ticker Symbol: | NASD: FITB; NYSE: FTB-PA, FTB/PA, FTB-PC or FTB/PC |
| Class Period: | October 19, 2007 to June 17, 2008 |
| Date Filed: | June-20-08 |
| Lead Plaintiff Deadline: | August-19-08 |
| Court: | Southern District, OH |
| Allegations: |
A class action lawsuit was filed today on behalf of all persons who purchased the securities of Fifth Third Bancorp ("FITB" or "Fifth Third" or the "Company") (Nasdaq: FITB) (NYSE: FTB-PA or FTB/PA, FTB-PC or FTB/PC) between October 19, 2007 and June 17, 2008, inclusive (the "Class") against Fifth Third and Kevin T. Kabat, president and chief executive officer ("Defendants"). The Complaint, The Eshe Fund, et al v. Fifth Third Bancorp, et al, is pending in the United States District Court for the Southern District of Ohio.
This action is also brought on behalf of a sub-class of Class members (the "Sub-Class") who purchased $750,000,000 (in aggregate liquidation amount) of 7.25% Trust Preferred Securities, liquidation amount $25 per security, which were registered pursuant to an automatic shelf registration statement on a Form S-3 filed with the Securities and Exchange Commission on March 26, 2007. The claims of the Sub-Class are brought against the underwriters of Fifth Third Capital Trust VI preferred securities, Citigroup Global Markets Inc.; Merrill Lynch, Pierce, Fenner & Smith Incorporated; Morgan Stanley & Co. Incorporated; UBS Securities LLC.; Banc of America Securities LLC; and Credit Suisse Securities (USA: 6.20, -0.02, -0.32%) LLC.
The Complaint alleges, among other things, that Defendants issued materially false and misleading statements concerning the quality of Fifth Thirds Tier 1 capital, the relevant ratios and sufficiency of its Tier 1 capital, the necessity to take net charge-offs stemming from increasing credit losses, and the need to shore up capital due to its exposure to poorly performing real estate markets in the Mid-West region. As a result of these materially false and misleading statements and omissions, plaintiffs allege that the price of Fifth Third's securities were artificially inflated during the Class Period. On June 18, 2008, the Company disclosed certain of the adverse factors of FITB's business and announced that it would slash its quarterly dividend and its earnings would be as little as 1 to 5 cents a share for the second quarter. In addition, the Company said it would sell subsidiaries and issue preferred stock to raise $2 billion. These disclosures caused Fifth Third's common stock to decline 27%, to close on June 18, 2008 at $9.26 per share on very heavy volume. The Company's stock had traded as high as $28.00 per share in February, 2008.
Plaintiffs seek to recover damages on behalf of all those that purchased or otherwise acquired Fifth Third's securities during the Class Period. If you are a member of the Class or Sub-Class described above you may, no later than August 19, 2008, move the court to serve as a lead plaintiff, provided you meet certain legal requirements.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
This action is also brought on behalf of a sub-class of Class members (the "Sub-Class") who purchased $750,000,000 (in aggregate liquidation amount) of 7.25% Trust Preferred Securities, liquidation amount $25 per security, which were registered pursuant to an automatic shelf registration statement on a Form S-3 filed with the Securities and Exchange Commission on March 26, 2007. The claims of the Sub-Class are brought against the underwriters of Fifth Third Capital Trust VI preferred securities, Citigroup Global Markets Inc.; Merrill Lynch, Pierce, Fenner & Smith Incorporated; Morgan Stanley & Co. Incorporated; UBS Securities LLC.; Banc of America Securities LLC; and Credit Suisse Securities (USA: 6.20, -0.02, -0.32%) LLC.
The Complaint alleges, among other things, that Defendants issued materially false and misleading statements concerning the quality of Fifth Thirds Tier 1 capital, the relevant ratios and sufficiency of its Tier 1 capital, the necessity to take net charge-offs stemming from increasing credit losses, and the need to shore up capital due to its exposure to poorly performing real estate markets in the Mid-West region. As a result of these materially false and misleading statements and omissions, plaintiffs allege that the price of Fifth Third's securities were artificially inflated during the Class Period. On June 18, 2008, the Company disclosed certain of the adverse factors of FITB's business and announced that it would slash its quarterly dividend and its earnings would be as little as 1 to 5 cents a share for the second quarter. In addition, the Company said it would sell subsidiaries and issue preferred stock to raise $2 billion. These disclosures caused Fifth Third's common stock to decline 27%, to close on June 18, 2008 at $9.26 per share on very heavy volume. The Company's stock had traded as high as $28.00 per share in February, 2008.
Plaintiffs seek to recover damages on behalf of all those that purchased or otherwise acquired Fifth Third's securities during the Class Period. If you are a member of the Class or Sub-Class described above you may, no later than August 19, 2008, move the court to serve as a lead plaintiff, provided you meet certain legal requirements.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
