San Diego, CA -- (SBWIRE) -- 04/04/2012 -- An investigation for investors in NYSE:SF shares over potential breaches of fiduciary duties by certain officers and directors of Stifel Financial Corp. was announced
Investors who purchased shares of Stifel Financial Corp. (NYSE:SF) shares and currently hold (any of) those shares, have certain options and should contact the Shareholders Foundation at mail(at)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 Stifel Financial Corp. (NYSE: SF) concerning whether certain statements regarding Stifel Financial ’ business, its prospects and its operations were potentially materially false and misleading at the time they were made. Specifically, the investigation concerns whether certain directors and officers at Stifel Financial Corp. (NYSE:) breached their fiduciary duties in connection with Stifel Financial’s role in certain investments involving collateralized debt obligations.
The U.S. Securities and Exchange Commission filed a lawsuit in connection with Stifel Financial’s role in investments made by five school districts in transactions involving collateralized debt obligations. The U.S. Securities and Exchange Commission (“SEC”) alleged violations of Federal Securities Laws based upon both alleged misrepresentations and omissions in connection with the sale of the collateralized debt obligations to the five Southeastern Wisconsin school districts, as well as the allegedly unsuitable nature of collateralized debt obligations. Stifel Financial Corporation said that it is deeply disappointed by the action taken by the SEC and that it will vigorously defend itself.
In March 2012 Stifel Financial Corp. (NYSE: SF) announced a settlement with five Wisconsin school districts in a lawsuit that the districts filed in 2008 over investments that were created by Royal Bank of Canada and purchased by the districts when Stifel acted as the districts' public finance investment banker. Stifel Financial Corp said that under the terms of the settlement, Stifel Financial Corp paid $13 million to the school districts and provided a standby letter of credit for an additional $9.5 million, to be paid when, among other conditions, Stifel Financial Corp resolves a related case with the U.S. Securities and Exchange Commission. Stifel Financial Corp also said that the settlement also provides the potential for the school districts to obtain significant additional damages. Stifel Financial Corp said that following the settlement it will join with the districts and their trusts in a suit against Royal Bank of Canada (RBC) seeking more than $200 million.
NYSE:SF shares closed on April 3, 2012 at $38.30 per share.
Those who purchased shares of Stifel Financial Corp. (NYSE: SF), have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego