#United States #New York #Class Action #Toronto-Dominion Bank #Securities Fraud

Toronto-Dominion Bank Faces Class Action Lawsuit

Levi & Korsinsky, LLP has raised alarms for investors of the Toronto-Dominion Bank (TD) regarding a significant class action securities lawsuit that has emerged. This legal action pertains to alleged securities fraud that reportedly transpired between February 29, 2024, and October 9, 2024. Specifically, the lawsuit aims to recover losses sustained by TD investors adversely impacted during this tumultuous period.

Lawsuit Overview

The class action lawsuit is rooted in the shocking revelations unveiled by TD on October 10, 2024, concerning the outcomes of extensive investigations conducted in the United States. These findings highlighted that TD faced severe financial penalties amounting to $3.09 billion. Moreover, TD was subjected to an asset cap restricting its U.S. subsidiaries from exceeding a total of $434 billion in assets, in addition to undergoing a series of stricter approval processes before launching new products and services in the market.

Critically, the Department of Justice underscored the gravity of TD's failures, remarking that the bank became the largest in U.S. history to plead guilty to violations concerning the Bank Secrecy Act. They also mentioned that it was the first U.S. bank to plead guilty to money laundering conspiracy charges. These startling admissions compelled investors and market analysts to reassess their positions, leading to immediate and adverse stock price fluctuations.

The aftermath of the revelations saw TD’s stock price tumble. From a closing price of $63.51 per share on October 9, 2024, shares dropped to $59.44 the following day. The decline worsened on October 11, plunging further to $57.01, resulting in an alarming over 10.23% loss in value within just two days.

Next Steps for Investors

For investors who experienced losses associated with TD shares during this specific timeframe, there is a critical deadline approaching. Interested parties must submit their requests for the court to appoint them as lead plaintiff by December 21, 2024. Importantly, participating in any potential recovery does not necessitate serving as a lead plaintiff.

No Costs for Class Members

An essential aspect of this class action lawsuit is that investors may be eligible for compensation without incurring any out-of-pocket expenses. There are no financial obligations associated with taking part, making this a potentially risk-free opportunity for affected shareholders.

Why Levi & Korsinsky?

Levi & Korsinsky LLP brings over two decades of experience, successfully recovering hundreds of millions of dollars for countless shareowners. The firm has an established reputation for excelling in high-stakes cases and has consistently ranked among the top securities litigation firms in the U.S. according to ISS Securities Class Action Services. Their dedicated team of over 70 employees focuses on serving clients' needs within complex securities litigation.

Contact Information

Investors seeking more information can reach out to Joseph E. Levi or Ed Korsinsky at Levi & Korsinsky, LLP, located at 33 Whitehall Street, 17th Floor, New York, NY 10004. They can also be contacted via email at [email protected] or by telephone at (212) 363-7500.

In conclusion, as the lawsuit progresses, it will be pivotal for TD shareholders to stay informed and act promptly to safeguard their interests in light of this unfolding legal battle.