NEW YORK, Nov. 30, 2020 (GLOBE NEWSWIRE) -- Pomerantz LLP announces that a class action lawsuit has been filed against JPMorgan Chase & Co. (“JPMorgan” or the “Company”) (NYSE: JPM) and certain of its officers. The class action, filed in United States District Court for the Eastern District of New York, and docketed under 20-cv-05590, is on behalf of a class consisting of all persons other than Defendants who purchased or otherwise acquired JPMorgan securities between February 23, 2016 and September 23, 2020, inclusive (the “Class Period”). Plaintiff seeks to recover compensable damages caused by Defendants’ violations of the federal securities laws under the Securities Exchange Act of 1934 (the “Exchange Act”).
If you are a shareholder who purchased JPMorgan securities during the class period, you have until December 23, 2020 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at firstname.lastname@example.org or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
JPMorgan purports to operate as a financial services company worldwide. The Company operates in four segments: Consumer & Community Banking, Corporate & Investment Bank, Commercial Banking, and Asset & Wealth Management.
The complaint alleges that during the Class Period, Defendants knowingly and/or recklessly made false and/or misleading statements about the Company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) traders at the Company, with the knowledge and consent of their superiors, manipulated the precious metals market by “spoofing,” or placing fake orders to generate the appearance of market demand; (ii) the Company had insufficient controls and compliance protocols to enable it to identify and stop the misconduct; (iii) the Company’s earnings in the physical commodity market were, at least in part, ill-gotten; (iv) such conduct would result in enhanced regulatory scrutiny; (v) the Company provided misleading information to Commodity Futures Trading Commission investigators at early stages of the investigation into the misconduct; (vi) resolution of the governmental investigation into the Company would foreseeably result in a significant fine; and (vii) as a result, Defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
On November 6, 2018, the Department of Justice (“DOJ”) announced in a press release that former JPMorgan precious metals trader John Edmonds pleaded guilty to commodities fraud and spoofing conspiracy.
On August 20, 2019, the DOJ announced that another JPMorgan employee, Christian Trunz, pled guilty to spoofing charges, and had done so with the knowledge and consent of his supervisors.
On September 23, 2020, Bloomberg reported that the Company was nearing a settlement to resolve the spoofing charges. According to sources, the settlement was to be for a record of nearly $1 billion.
On this news, shares of JPMorgan stock fell $1.53 per share, or approximately 2%, to close at $92.74 per share on September 23, 2020.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.