Shareholders Alert: Class Action Lawsuit Against Toronto-Dominion Bank
Overview
On December 9, 2024, The Gross Law Firm announced an important notification regarding a class action lawsuit involving The Toronto-Dominion Bank (NYSE: TD). This notice is primarily aimed at shareholders who acquired shares of TD within a designated class period. As recent events unfolded, it is crucial for affected investors to take immediate action to protect their interests.
Class Action Details
The identified class period for this lawsuit is from February 29, 2024, to October 9, 2024. During this time, shareholders are encouraged to reach out to The Gross Law Firm if they are seeking to be appointed as lead plaintiffs. Notably, the appointment as a lead plaintiff is not mandatory for entitling investors to any potential recovery from the lawsuit.
Key Allegations
The lawsuit stems from TD’s major revelation on October 10, 2024, concerning resolutions related to U.S. investigations involving the bank. Key facets of these investigations included a staggering punitive payment of $3.09 billion, an imposed asset cap preventing TD's U.S. subsidiaries from exceeding assets of $434 billion, and heightened scrutiny for future product and service rollouts. The Department of Justice underscored TD’s disgrace, revealing it as the largest bank in U.S. history to plead guilty to failing its Bank Secrecy Act program, while also marking it as the first bank in the country to admit guilt to conspiracy to commit money laundering.
The unveiling of these anti-money laundering failures shocked investors and analysts, triggering an immediate backlash in stock prices. The common stock price witnessed a steep decline from a closing price of $63.51 per share on October 9, 2024, falling to $59.44 on October 10, 2024, and subsequently to $57.01 by October 11, 2024—a staggering loss of over 10% within just two days.
Important Deadlines
Participants in this class action should act swiftly, as the deadline to register is December 21, 2024. Shareholders are urged to visit the designated registration site to secure their position:
Register Here
Next Steps for Shareholders
Upon registration, affected shareholders will gain access to a portfolio monitoring system that delivers real-time status updates throughout the case's progression. It is important to note that participation incurs no costs or obligations to the shareholders.
The Gross Law Firm’s Commitment
The Gross Law Firm is recognized nationally as a leading class action law firm committed to protecting investor rights. Their mission is to advocate for individuals who have suffered from corporate deceit and illegal practices, ensuring responsible corporate behavior. The firm actively seeks recovery for investors who face losses due to misleading statements or critical omissions affecting stock valuations. It operates on a retainer basis with no upfront costs, allowing investors to participate without financial risk.
For additional inquiries, The Gross Law Firm can be contacted at:
- - Address: 15 West 38th Street, 12th floor, New York, NY 10018
- - Email: [email protected]
- - Phone: (646) 453-8903
As the lawsuit progresses, it is essential for shareholders to remain informed and proactive to maximize their recovery potential.