San Diego, CA -- (SBWIRE) -- 08/01/2023 -- An investigation on behalf of investors of Comerica Incorporated (NYSE: CMA) shares over potential securities laws violations by Comerica Incorporated and certain of its directors and officers in connection with certain financial statements was announced.

Investors who purchased shares of Comerica Incorporated (NYSE: CMA), have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Comerica Incorporated (NYSE: CMA) concerning whether a series of statements by Comerica Incorporated regarding its business, its prospects and its operations were materially false and misleading at the time they were made.

Dallas, TX based Comerica Incorporated, through its subsidiaries, provides various financial products and services.

On May 30, 2023, American Banker issued an article titled "Comerica in 'serious violation' of Treasury's Direct Express program". The article states "Comerica Bank officials privately acknowledged significant compliance failures in their operation of a Treasury Department program that provides federal benefits on prepaid cards to millions of unbanked Americans."

The article further states that Comerica Incorporated executive said the bank faced "serious contract violation" for allowing fraud disputes and data on Direct Express cardholders to be handled out of a vendor's office in Lahore, Pakistan, the documents show.

Personally identifiable information on veterans, Social Security and disability recipients were routinely shared and handled by i2c Inc., a vendor based in Redwood City, Calif., with an office in Lahore, Pakistan — in violation of the government contract, the Comerica executive said. The Treasury's agreement with the bank states that all services provided "shall be performed in the United States or its territories."

Those who purchased shares of Comerica Incorporated (NYSE: CMA) have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com

About The Shareholders Foundation
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.