NEW YORK, April 08, 2020 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Fifth Third Bancorp. (“Fifth Third” or the “Company”) (FITB) in the United States District Court for the Northern District of Illinois on behalf of those who purchased or acquired the securities of Fifth Third between February 26, 2016, and March 6, 2020, inclusive (the “Class Period”). The lawsuit seeks to recover damages for Fifth Third investors under the federal securities laws.
The Complaint alleges that Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) as a result of Fifth Third Bank’s aggressive incentive policies to promote its cross-sell strategy, Fifth Third Bank employees engaged in unauthorized conduct with customer accounts; (ii) since at least 2008, Fifth Third Bank, and by extension, Fifth Third, was aware of such unauthorized conduct and, thus, that it was violating relevant regulations and laws aimed at protecting its consumers; (iii) Fifth Third failed to properly implement and monitor its cross-sell program, detect and stop misconduct, and identify and remediate harmed consumers; (iv) all the foregoing subjected the Company to a foreseeable risk of heightened regulatory scrutiny or investigation; (v) Fifth Third’s revenues were in part the product of unlawful conduct and thus unsustainable; and (vi) as a result, the Company’s public statements were materially false and misleading at all relevant times.
Investors who purchased or otherwise acquired shares of Fifth Third during the Class Period should contact the Firm prior to the June 8, 2020 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at firstname.lastname@example.org or email@example.com.
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