A settlement was reached in the lawsuit filed on behalf of certain investors in shares of Synovus Financial Corp (NYSE: SNV) over alleged securities laws violations and a deadline to submit the settlement claim is upcoming on: November 4, 2014. NYSE: SNV investors should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 09/30/2014 -- A deadline is coming up on November 4, 2014 in the settlement reached in the securities class action lawsuit filed on behalf of investors who purchased shares of Synovus Financial Corp (NYSE: SNV) between January 24, 2008 and April 22, 2009.
Investors who invested a significant amount of shares of Synovus Financial Corp (NYSE: SNV) between October 26, 2007 and April 22, 2009, have certain options and should contact the Shareholders Foundation by email at email@example.com or call +1(858) 779 - 1554.
To download the forms for the settlement in the Synovus Financial Corp (NYSE: SNV) Investor Securities Class Action Lawsuit 07/06/2009 go to: http://shareholdersfoundation.com/case/synovus-financial-corp-nyse-snv-investor-securities-class-action-lawsuit-07062009
In order to submit a claim an investor has to submit the claim proof to the class action claim administrator in a timely manner. The deadline to submit the proof with the class administrator is November 4, 2014. The class action administrator for this case is Epiq Systems Inc.
The lawsuit was originally filed in in the U.S. District Court for the Northern District of Georgia against Synovus Financial Corp over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between January 24, 2008 and January 21, 2009.
According to the complaint the plaintiff alleged Synovus Financial Corp (NYSE: SNV) and certain of its officers and directors violated the Securities Exchange Act of 1934 by issuing between January 24, 2008 and January 21, 2009 materially false and misleading statements regarding Synovus Financial Corp’s business and financial results and engaged in improper behavior which harmed Synovus Financial Corp’s investors by failing to disclose the extent of its large exposure to the Sea Island Company, a resort in Georgia, and the deteriorating condition of Sea Island.
The plaintiff claimed that Synovus Financial Corp also failed to adequately and timely record losses for its impaired loans, causing its financial results to be materially false and as a result of defendants alleged false statements, Synovus Financial Corp stock (NYSE: SNV) traded at artificially inflated prices between January 24, 2008 and January 21, 2009, reaching a high of $13.49 per share on February 1, 2008. Then, on January 22, 2009, so the lawsuit, Synovus Financial Corp reported a net loss for the fourth quarter of 2008 of $637 million, or $1.93 per share. The fourth quarter 2008 results included provision expense of $364 million and a $443 million non-cash goodwill impairment charge. According to the complaint on this news, Synovus Financial Corp stock fell to as low as $4.52 before it closed at $4.75 per share on January 22, 2009.
Synovus Financial Corp, located in Columbus, GA, is a diversified financial services company and a registered bank holding company. Synovus Financial Corp provides financial services, including commercial and retail banking, financial management, insurance, mortgage and leasing services.
Synovus Financial Corp reported a net income of $526.30million with Total Assets of $33.06448 billion in 2007. Shares of Synovus Financial Corp traded recently at $2.75 per share, down from a 52weekHigh of $23.70 per share.
Those who purchased shares of Synovus Financial Corp (NYSE: SNV) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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