Company: Raymond James Financial, Inc
Ticker Symbol: RJF
Class Period: Apr-22-08 to Apr-14-09
Date Filed: Jun-29-09
Lead Plaintiff Deadline: Aug-28-09
Court: Southern District of New York
An investor in Raymond James Financial, Inc., has filed a proposed securities class action lawsuit 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 between April 22, 2008 and April 14, 2009 against Raymond James Financial and others over alleged violations of Federal Securities Laws.
According to the complaint the plaintiff alleges that Raymond James Financial 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.
On April 14, 2009, Raymond James Financial shocked investors when it announced that results for the second fiscal quarter ended March 31, 2009, would be well below the consensus analysts' estimates, so the lawsuit. The plaintiff also alleges that Raymond James Financial announced that both its commercial and residential portfolios would require higher loss reserves, with the loan loss provision tripling from the previous quarter and in response to such an unexpected sharp increase in loan loss provisions, Raymond James Financial shares declined.
Raymond James Financial closed down $2.57 per share, or 13.48%, to close at $16.49 per share on April 15, 2009. Over the next few days, Raymond James Financial stock price traded as low as under $15 per share, well below its highs of over $38 per share between April 22, 2008 and April 14, 2009.
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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