Law Firm Labaton Sucharow Files Class Action Lawsuit Against Canadian Imperial Bank of Commerce

NEW YORK, Sept. 22, 2008 (LAWFUEL) — Sucharow filed a class
action lawsuit on September 19, 2008 in the United States District
Court for the Southern District of New York, on behalf of all
purchasers of the securities of Canadian Imperial Bank of Commerce
(“CIBC” or the “Company”) (NYSE:CM) on the New York Stock Exchange
(“NYSE”), and all U.S. purchasers of the securities of CIBC between May
31, 2007 and May 28, 2008, inclusive. The lawsuit was filed against
CIBC and certain officers and directors (“Defendants”).

If you are a member of the class and would like to consider serving as
lead plaintiff or have any questions about the lawsuit, please contact
Eric J. Belfi, Esq. at (800)-321-0476 or (212) 907-0700, or via e-mail
at [email protected] Lead Plaintiff motion papers must be filed with
the United States District Court for the Southern District of New York
no later than November 18, 2008. A lead plaintiff is a court-appointed
representative for absent class members. You do not need to seek
appointment as lead plaintiff to share in any class recovery in this
action. If you are a class member and there is a recovery for the
class, you can share in that recovery as an absent class member. You
may retain counsel of your choice to represent you in this action.

If you are a member of this class you can view a copy of the complaint
and join this class action online at
http://www.labaton.com/en/cases/Newly-Filed-Cases.cfm

This action seeks to pursue remedies under the Securities Exchange Act
of 1934 (the “Exchange Act”). The action alleges that Defendants misled
investors by falsely representing that CIBC’s exposure to subprime CDOs
was not a major risk issue and failing to accurately describe its total
exposure to the U.S. subprime mortgage market. Such reassurances were
repeated by Defendants throughout the Class Period in order to
artificially support CIBC’s stock price in the midst of a weakening
subprime mortgage market. Additional disclosures through the end of the
Class Period revealed the full extent of CIBC’s exposure to toxic
subprime mortgage-backed securities, causing the Company’s stock to
plummet to $63.93 per share on June 6, 2008 after the final curative
disclosure on May 29, 2008 was digested by the market — a drop of more
than 40% from CIBC’s Class Period high.

Plaintiff is represented by the law firm of Labaton Sucharow. Labaton
Sucharow is one of the country’s premier national law firms that
represent individual and institutional investors in class action,
complex securities and corporate governance litigation. The firm has
been a champion of investor rights for over 40 years and has been
recognized for its reputation for excellence by the courts. More
information about Labaton Sucharow is available at www.labaton.com.

Scroll to Top