| Company: | Synovus Financial Corp |
| Ticker Symbol: | SNV |
| Class Period: | Jan-24-08 to Jan-21-09 |
| Date Filed: | Jul-7-09 |
| Lead Plaintiff Deadline: | Sep-5-09 |
| Court: | Northern District of Georgia |
| Allegations: | |
According to the complaint the plaintiff alleges Synovus Financial Corp, and certain of its officers and directors violated the Securities Exchange Act of 1934 by issuing between January 24, 2008 and January 21, 2009 materially false and misleading statements regarding Synovus Financial's business and financial results and engaged in improper behavior which harmed Synovus' investors by failing to disclose the extent of its large exposure to the Sea Island Company, a resort in Georgia, and the deteriorating condition of Sea Island.
The plaintiff alleges that Synovus also failed to adequately and timely record losses for its impaired loans, causing its financial results to be materially false and as a result of defendants alleged false statements, Synovus stock traded at artificially inflated prices between January 24, 2008 and January 21, 2009, reaching a high of $13.49 per share on February 1, 2008. Then, on January 22, 2009, so the lawsuit alleges, Synovus Financial reported a net loss for the fourth quarter of 2008 of $637 million, or $1.93 per share. The fourth quarter 2008 results included provision expense of $364 million and a $443 million non-cash goodwill impairment charge. According to the complaint Synovus stock fell on this news, to as low as $4.52 before it closed at $4.75 per share on January 22, 2009.
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.
