WASHINGTON, June 30, 2008 (LAWFUEL) — Finkelstein Thompson LLP
announces that a securities class action lawsuit has been filed against
Fifth Third Bancorp (“Fifth Third” or the “Company”) (Nasdaq:FITB)
(NYSE:FTB-PA) (NYSE:FTB-PC) in the United States District Court for the
Southern District of Ohio, and is investigating similar claims at this
time.
On June 18, 2008, Fifth Third’s share price plummeted 27% on unusually
heavy trading volume, closing at $9.26 per share after trading as high
as $28.58 on February 4, 2008. The drop in share price occurred one day
after Fifth Third announced plans to raise $2 billion in capital in
response to losses from the downturn in the mortgage and real estate
markets.
Specifically, the class action alleges that Fifth Third issued
materially false and misleading statements concerning the quality and
sufficiency of the Company’s “tier 1 capital” and its need to shore up
capital in response to an expected increase in the Company’s loan
charge-off levels and exposure to the poorly-performing real estate
market in the Mid-West. The complaint alleges that as a result of these
false and misleading statements and omissions, the price of Fifth
Third’s stock was artificially inflated during the class period,
between October 19, 2007 and June 17, 2008.
If you are a Fifth Third shareholder and wish to discuss your rights
and interests as an investor, please contact our Washington, D.C.
office toll-free at (877) 337-1050 or by email at
contact@finkelsteinthompson.com.
