An investigation for investors in Fifth Third Bancorp (NASDAQ: FITB) shares over potential securities laws violations by Fifth Third Bancorp was announced.
San Diego, CA -- (SBWIRE) -- 03/24/2020 -- An investigation was announced concerning potential securities laws violations by Fifth Third Bancorp in connection with certain financial statements.
Investors who purchased shares of Fifth Third Bancorp (NASDAQ: FITB), have certain options and should contact the Shareholders Foundation at email@example.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 Fifth Third Bancorp (NASDAQ: FITB) concerning whether certain statements by Fifth Third Bancorp regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
Cincinnati, OH based Fifth Third Bancorp operates as a diversified financial services company in the United States. Fifth Third Bancorp reported that its annual Total Revenue rose from over $6.15 billion in 2018 to over $7.25 billion in 2019, and that its Net Income increased from over $2.19 billion in 2018 to over $2.51 billion in 2019.
On March 9, 2020, the Consumer Financial Protection Bureau ("CFPB") announced that it had filed a lawsuit against Fifth Third Bank, N.A. in federal court, "alleg[ing] that for several years Fifth Third, without consumers' knowledge or consent: opened deposit and credit-card accounts in consumers' names; transferred funds from consumers' existing accounts to new, improperly opened accounts; enrolled consumers in unauthorized online-banking services; and activated unauthorized lines of credit on consumers' accounts. The [CFPB] alleges that Fifth Third violated the Consumer Financial Protection Act's prohibition against unfair and abusive acts or practices as well as the Truth in Lending Act and the Truth in Savings Act and their implementing regulations."
Shares of Fifth Third Bancorp (NASDAQ: FITB) declined from $31.61 per share in December 2019 to as low as $11.10 per share on March 19, 2020.
Those who purchased shares of Fifth Third Bancorp (NASDAQ: FITB) have certain options and should contact the Shareholders Foundation.
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