A lawsuit was filed on behalf of investors in JP Morgan Chase & Co. (NYSE:JPM) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 11/05/2020 -- An investor, who purchased NYSE: JPM shares, filed a lawsuit over alleged violations of Federal Securities Laws by JPMorgan Chase & Co..
Investors in shares of JPMorgan Chase & Co. (NYSE: JPM) have certain options and for certain investors are short and strict deadlines running. Deadline: December 23, 2020. NYSE: JPM investors should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
On November 6, 2018, the Department of Justice announced that a former JPMorgan precious metals trader pleaded guilty to commodities fraud and spoofing conspiracy.
On August 20, 2019, the Department of Justice announced that another JPMorgan employee pled guilty to spoofing charges, and had done so with the knowledge and consent of his supervisors.
On September 23, 2020, it was reported that JPMorgan Chase & Co was nearing a settlement to resolve the spoofing charges. According to sources, the settlement was to be for nearly $1 billion, a record.
On September 29, 2020, the CFTC formally announced that it had ordered JPMorgan to pay $920 million to settle the spoofing and manipulation charges. According to the order, JPMorgan Chase & Co allegedly failed to monitor its employees and ignored multiple red flags. JPMorgan Chase & Co also allegedly provided the CFTC with misleading information
Shares of JPMorgan Chase & Co. (NYSE: JPM) declined from $105.21 per share in early September 2020 to $91.38 per share on September 24, 2020.
The plaintiff claims that between February 23, 2016 and September 23, 2020, the defendants made false and/or misleading statements and/or failed to disclose that traders at the Company, with the knowledge and consent of their superiors, manipulated the precious metals market by "spoofing," or placing fake orders to generate the appearance of market demand, that the Company had insufficient controls and compliance protocols to enable it to identify and stop the misconduct, that the Company's earnings in the physical commodity market were, at least in part, ill-gotten; (4) such conduct would result in enhanced regulatory scrutiny, that the Company provided misleading information to CFTC investigators at early stages of the investigation into the misconduct, that resolution of the governmental investigation into the Company would result in a record-breaking $920 million fine, and that as a result, Defendants' statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
Those who purchased shares of JPMorgan Chase & Co. (NYSE: JPM) have certain options and should contact the Shareholders Foundation.
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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.