| Company: | Suntrust Banks |
| Ticker Symbol: | STI |
| Class Period: | Jul-22-08 to Jan-21-09 |
| Date Filed: | Mar-6-09 |
| Lead Plaintiff Deadline: | May-5-09 |
| Court: | Northern District of Georgia |
| Allegations: | |
SunTrust Banks Face Investor Class Action Lawsuit
On Friday, March 06, 2009 an investor in SunTrust Banks, Inc. shares filed a proposed securities class action lawsuit in the United States District Court for the Northern District of Georgia on behalf of purchasers of SunTrust Banks, Inc. publicly traded securities during the period between July 22, 2008 and January 21, 2009 against SunTrust Banks and certain of its officers and directors with alleged violations of Federal Securities Laws.According to the complaint the plaintiff alleges that SunTrust Banks, Inc ('SunTrust') and certain of its officers and directors violated the Securities Exchange Act of 1934 by issuing between July 22, 2008 and January 21, 2009 false and misleading statements about SunTrust's financial results and conditions. The plaintiff alleges, among other things, that SunTrust was not as well capitalized as represented, and, notwithstanding the $3.5 billion the Company received on November 17, 2008 from the Troubled Asset Relief Program (TARP), SunTrust announced that it would have to raise an additional $1.4 billion in TARP funds just 3 weeks later. As SunTrust's true condition slowly came to light in a series of write-downs, reserve increases and capital-raising, SunTrust's stock price dropped from a high of over $59 per share between July 22, 2008 and January 21, 2009 to less than $14 per share, so the lawsuit.
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.
