San Diego, CA -- (SBWIRE) -- 06/26/2012 -- A deadline is coming up on July 13, 2012 in the lawsuit filed for investors in NYSE:JPM shares over alleged securities laws violations by JPMorgan Chase & Co.
Investors with a substantial investment in JPMorgan Chase & Co. (NYSE:JPM) shares between April 13, 2012 and May 11, 2012, should get active before the Deadline that is coming up on July 13, 2012 and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
According to the complaint filed in the U.S. District Court for the Southern District of New York the plaintiff alleges on behalf of purchasers of JPMorgan Chase & Co. (NYSE:JPM) common stock during the period between April 13, 2012 and May 11, 2012, that JPMorgan Chase & Co. and certain of its officers and directors violated the Securities Exchange Act of 1934. Defendants issued materially false and misleading statements regarding certain securities trading by the Company’s Chief Investment Office (“CIO”).
Specifically, the plaintiff claims that defendants allegedly misrepresented and/or failed to disclose that the CIO had engaged in extremely risky and speculative trades that exposed JPMorgan to significant losses.
On May 10, 2012 JP Morgan Chase & Co said in a filing with the U.S. Securities and Exchange Commission (”SEC”) that JP Morgan’s Chief Investment Office has had significant market-to-market-losses in its synthetic credit portfolio, and this portfolio has proven to be riskier, more volatile and less effective as an economic hedge than the firm previously believed.” The Company estimated that its Corporate unit could post an $800 million loss in the second quarter.
During a conference call held after the market closed, on May 10, 2012, JP Morgan Chase & Co. CEO revealed that the Company lost about $2 billion on synthetic credit securities after “egregious mistakes” in its Chief Investment Office.
The New York Times reported that the U.S. and British banking regulator learned of the trading loss last month and have been in discussions with JPMorgan Chase about it. The Wall Street Journal said in an article on Friday that “the losses stemmed from wagers gone wrong in the bank's Chief Investment Office” that left JP Morgan’s CEO with a rare black eye following a long run as what some called the "King of Wall Street."
Shares of JPMorgan Chase & Co. (NYSE:JPM) fell from $40.74 per share on May 10, 2012 to 35.79 on May 14, 2012, wiping out more than 18billion in market cap.
On June 25, 2012, NYSE:JPM shares closed at $35.32 per share.
Those who purchased shares of JPMorgan Chase & Co. (NYSE:JPM), have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego