LOS ANGELES, Aug. 26, 2004 LAWFUEL – Best for law, law news, legal news, law research Notice is hereby given by Glancy Binkow & Goldberg LLP that a Class Action lawsuit was filed in the United States District Court for the District of New Jersey on behalf of a class (the “Class”) consisting of all persons who purchased or otherwise acquired securities of Commerce Bancorp, Inc. (“Commerce Bank” or the “Company”) (NYSE:CBH) between June 18, 2002 and June 28, 2004, inclusive (the “Class Period”).
A copy of the Complaint is available from the court or from Glancy Binkow & Goldberg LLP. Please contact us by phone to discuss this action or obtain a copy of the Complaint at (310) 201-9150 or Toll Free at (888) 773-9224, by email at email@example.com, or visit our website at www.glancylaw.com
The Complaint charges Commerce Bank and certain of the Company’s officers and directors with violations of federal securities laws. Plaintiff claims that defendants made material omissions and misrepresentations concerning Commerce Bank’s operations in Company press releases, public filings and conference calls during the Class Period. The Complaint alleges that Commerce, and certain of its officers and directors, regularly violated the securities laws. Specifically, through massive political campaign contributions to politicians in Pennsylvania and New Jersey, defendants violated Municipal Securities Rulemaking Board’s Rule G-37 which prevents banks from underwriting bond offerings for issuers if they have contributed more than $250 to the political campaigns of the officials of the issuer. These violations were not disclosed to investors during the Class Period. Additionally, it is alleged that defendants had intimate knowledge of FBI investigations and grand jury proceedings delving into the actions of Commerce and certain officers, and that Commerce had access to telephone tapes which clearly establish the culpability of the three Commerce Bank/Pennsylvania defendants and were at the center of the eventual criminal indictments.
On June 30, 2004, the U.S. Attorney announced the indictment of a Commerce director and two executives. Commerce Bank shares plummeted from $64.46 on June 28 to $55.01 on June 30.
Plaintiff seeks to recover damages on behalf of Class members and is represented by Glancy Binkow & Goldberg LLP, a law firm with significant experience in prosecuting class actions, and substantial expertise in actions involving corporate fraud.
If you are a member of the Class described above, you may move the Court, not later than August 31, 2004, to serve as lead plaintiff, however, you must meet certain legal requirements. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201-9150 or Toll Free at (888) 773-9224 or by e-mail to firstname.lastname@example.org.
More information on this and other class actions can be found on the Class Action Newsline at http://www.primezone.com/ca
CONTACT: Glancy Binkow & Goldberg LLP
Lionel Z. Glancy