HARTFORD, Conn., June 23, 2008 (LAWFUEL) — The law firm of
Schatz Nobel Izard P.C., which has significant experience representing
investors in prosecuting claims of securities fraud, announces that a
lawsuit seeking class action status has been filed in the United States
District Court for the Southern District of Ohio on behalf of all
persons who purchased the securities of Fifth Third Bancorp (“FITB” or
the “Company”) (Nasdaq:FITB) (NYSE:FTB-PA) (NYSE:FTB-PC) (NYSE:FTB-PB)
from October 19, 2007 through June 17, 2008, inclusive (the “Class
Period”). Also included are those who purchased Trust Preferred
Securities in an initial public offering (the “Offering”) on October
25, 2007.
The Complaint charges that FITB and certain of its officers and
directors violated federal securities laws by issuing a series of
materially false and misleading statements concerning the quality of
the Company’s Tier 1 capital, the relevant ratios and sufficiency of
its Tier 1 capital, the necessity to take net charge-offs stemming from
increasing credit losses, and the need to shore up capital due to the
Company’s exposure to poorly performing real estate markets in the
Mid-West region. The Complaint further alleges that Trust Preferred
Securities were sold to the investing public in the Offering pursuant
to a Prospectus that omitted material information. The statements made
in the Company’s Prospectus contained material omissions because, at
the time of the Offering, FITB was already suffering from several
adverse factors that were not revealed and/or adequately addressed in
the Prospectus.
If you are a member of the class, you may, no later than August 19,
2008, request that the Court appoint you as lead plaintiff of the
class. A lead plaintiff is a class member that acts on behalf of other
class members in directing the litigation. Although your ability to
share in any recovery is not affected by the decision whether or not to
seek appointment as a lead plaintiff, lead plaintiffs make important
decisions which could affect the overall recovery for class members.
While Schatz Nobel Izard P.C. has not filed a lawsuit against the
defendants, to view a copy of the Complaint initiating the class action
or for more information about the case, class action cases in general,
and your rights, please contact Schatz Nobel Izard P.C. toll-free at
(800) 797-5499, or by e-mail at firm@snilaw.com, or visit our website:
www.snilaw.com.
