Company: Raymond James Financial, Inc
Ticker Symbol: RJF
Class Period: Apr-22-08 to Apr-14-09
Date Filed: Jun-10-09
Lead Plaintiff Deadline: Aug-9-09
Court: Southern District of New York
A class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of all purchasers of the common stock of Raymond James Financial, Inc. ("RJF" or the "Company") (RJF) between April 22, 2008 and April 14, 2009, inclusive (the "Class Period").
RJF and certain of its officers and directors are charged with issuing a series of materially false and misleading statements in violation of Section 10(b) and 20(a) of the Exchange Act and Rule 10b-5 promulgated thereunder.
Specifically, the Complaint alleges that defendants repeatedly touted its supposedly conservative management practices and avoidance of risky assets associated with subprime residential mortgages. Defendants, however, failed to disclose that RJF understated the credits risks of its wholly-owned subsidiary's commercial and residential loan portfolios, and failed to set aside adequate reserves for the losses that RJF knew, or recklessly disregarded, were forthcoming. On April 14, 2009, RJF shocked investors when it announced that results for the second fiscal quarter ended March 31, 2009, would be well below the consensus analysts' estimates.
RJF also announced that both its commercial and residential portfolios would require higher loss reserves, with the loan loss provision tripling from the previous quarter. In response to such an unexpected sharp increase in loan loss provisions, investors sent RJF shares plummeting. RJF closed down $2.57 per share, or 13.48%, to close at $16.49 per share on April 15, 2009 on unusually high volume. Over the next few days, RJF's stock price traded as low as under $15 per share, well below its Class Period highs of over $38 per share.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
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