| Company: | Huntington Bancshares, Inc. |
| Ticker Symbol: | NASD: HBAN |
| Class Period: | November 16, 2007 to May 22, 2008 |
| Date Filed: | May-22-08 |
| Lead Plaintiff Deadline: | July-21-08 |
| Court: | Southern District, OH |
| Allegations: |
A class action complaint has been filed in the United States District Court for the Southern District of Ohio on behalf of certain current and former shareholders of Huntington Bancshares Incorporated ("Huntington") NASDAQ: HBAN whose shares of stock in Waterfield Mortgage Company, Incorporated ("Waterfield") were converted into shares of stock in Sky Financial Group, Inc. ("Sky Financial") NASDAQ: SKYF in connection with Sky Financial's October 2006 acquisition of Waterfield, and then converted into shares of stock in Huntington in connection with Huntington's July 2007 merger with Sky Financial. The complaint names Huntington, Marty E. Adams, and Kevin T. Thompson as defendants. The complaint alleges that Huntington, as successor in interest to Sky Financial, violated sections 11 and 12(2) of the Securities Act of 1933, and that Adams and Thompson are liable because, under section 15 of the Securities Act of 1933, they were Control Persons of Sky Financial. The complaint seeks damages for members of alleged class who sold shares of stock in Huntington during the class period from November 16, 2007 to the present, or who continue to hold shares of stock in Huntington.
If you wish to serve as lead plaintiff, you must move the Court no later than July 21, 2008. Any member of the 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. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions that could affect the overall recovery for class members, including decisions concerning settlement. The securities laws require the Court to consider the class member or members with the largest financial interest as presumptively the most adequate lead plaintiff.
The complaint alleges that Sky Financial, Adams and Thompson made false and misleading statements in, and omitted material information from, certain of Sky Financial's registration statements and prospectuses regarding various material matters, including Sky Financial's undisclosed lending relationship with a sub-prime residential mortgage company called Franklin Credit Management Corporation ("Franklin Credit"), investment allocation, performance, loan characteristics, sub-prime exposure, and other matters. On April 5, 2006, Sky Financial filed a Form S-4 Registration Statement and proxy statement/prospectus, and on July 26, 2006, Sky Financial filed a near identical Form S-4/A Amendment No. 1 and proxy statement/prospectus to its April 5, 2006 Form S-4 Registration Statement. Defendants falsely and misleadingly described Sky Financial as a company with a "conservative credit culture" and a "disciplined lending practice." Defendants omitted any mention of Sky Financial's relationship with Franklin Credit, and falsely and misleadingly mischaracterized Sky Financial's $1.2 billion in loans to Franklin Credit as commercial loans rather than residential mortgage loans.
On November 16, 2007, Huntington made the first in a series of announcements of material information that was materially and qualitatively different from information that previously had been provided to the alleged plaintiff class. On December 3, 2007, Huntington announced the retirement of defendant Marty A. Adams, the former chairman of Sky Financial who, after Huntington's merger with Sky Financial, had become Huntington's president and chief operating officer.
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.
If you wish to serve as lead plaintiff, you must move the Court no later than July 21, 2008. Any member of the 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. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions that could affect the overall recovery for class members, including decisions concerning settlement. The securities laws require the Court to consider the class member or members with the largest financial interest as presumptively the most adequate lead plaintiff.
The complaint alleges that Sky Financial, Adams and Thompson made false and misleading statements in, and omitted material information from, certain of Sky Financial's registration statements and prospectuses regarding various material matters, including Sky Financial's undisclosed lending relationship with a sub-prime residential mortgage company called Franklin Credit Management Corporation ("Franklin Credit"), investment allocation, performance, loan characteristics, sub-prime exposure, and other matters. On April 5, 2006, Sky Financial filed a Form S-4 Registration Statement and proxy statement/prospectus, and on July 26, 2006, Sky Financial filed a near identical Form S-4/A Amendment No. 1 and proxy statement/prospectus to its April 5, 2006 Form S-4 Registration Statement. Defendants falsely and misleadingly described Sky Financial as a company with a "conservative credit culture" and a "disciplined lending practice." Defendants omitted any mention of Sky Financial's relationship with Franklin Credit, and falsely and misleadingly mischaracterized Sky Financial's $1.2 billion in loans to Franklin Credit as commercial loans rather than residential mortgage loans.
On November 16, 2007, Huntington made the first in a series of announcements of material information that was materially and qualitatively different from information that previously had been provided to the alleged plaintiff class. On December 3, 2007, Huntington announced the retirement of defendant Marty A. Adams, the former chairman of Sky Financial who, after Huntington's merger with Sky Financial, had become Huntington's president and chief operating officer.
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.
