NEW YORK, NY, 25 July 2004 – Read LAWFUEL”S PRESS RELEASES for all today’s law announcements
– The law firm of Abraham, Fruchter & Twersky, LLP announces that a securities fraud class action lawsuit was filed on July 22, 2004 on behalf of all persons who purchased the publicly traded securities of Commerce Bancorp, Inc. (“Commerce Bancorp” or the “Company”) (NYSE: CBH) on the open market during the period from June 1, 2002 to June 28, 2004, inclusive (the “Class Period”).
The complaint, entitled Goldgrab v. Commerce Bancorp, et al., was filed in the United States District Court for the District of New Jersey, and names as defendants, in addition to Commerce Bancorp, Vernon W. Hill, II, the Company’s Chief Executive Officer and Chairman of the Board; Ronald A. White, who was a director of Commerce Bank of Pennsylvania (“Commerce PA”) from June 2002 until October 2003; Douglas J. Pauls, Chief Financial Officer of Commerce Bancorp throughout the Class Period; Glenn K. Holck, President of Commerce PA during the Class Period; and Stephen M. Umbrell, a regional Vice President of Commerce PA during the Class Period.
The complaint alleges that the defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by making materially false and misleading representations and omissions in Company press releases and public filings with the Securities and Exchange Commission. The complaint provides details about a federal investigation that led to a criminal indictment that was filed in the U.S. District Court for the Eastern District of Pennsylvania against a number of individuals, including defendants White, Holck and Umbrell. The complaint further alleges that Commerce Bancorp and certain of its officers and directors engaged in improper activities, including bid-rigging, in order to win underwriting awards and gain government deposits, particularly from the City of Philadelphia, and that Commerce Bancorp made numerous improper political campaign contributions. The complaint alleges that information about these activities, including the federal investigation, grand jury proceedings and improper attempts to influence public officials, was not disclosed to investors during the Class Period despite the alleged knowledge of the Company’s senior executives, including defendant Hill.
When the truth finally began to be publicly revealed on or about June 29, 2004, Commerce Bancorp’s stock decreased from a closing price of $64.46 per share on June 28, 2004 to a closing price of $55.01 per share on June 30, 2004.
If you purchased Commerce Bancorp securities during the Class Period, you may request that the Court appoint you as a lead plaintiff. In order to serve as lead plaintiff, however, you must meet certain legal requirements set forth in the applicable law and file appropriate papers with the Court no later than August 31, 2004. You do not need to seek appointment as a lead plaintiff in order to share in any recovery. Under certain circumstances, one or more class members may together serve as lead plaintiff. You may retain Abraham, Fruchter & Twersky, LLP, or other counsel of your choice, to serve as your counsel in this action.
The law firm of Abraham, Fruchter & Twersky, LLP has significant experience in prosecuting investor class actions and actions involving securities fraud.
If you have any questions concerning this case or your rights or interests with respect to this matter, please contact: Jeffrey S. Abraham, Esq. or Lawrence D. Levit, Esq. of Abraham, Fruchter & Twersky, LLP, One Penn Plaza, Suite 1910, New York, New York 10119, by telephone at (212) 714-2444 or toll free at (800) 938-0015, by facsimile at (212) 279-3655, or by e-mail at Jabraham@abrahamlaw.com or Larryl@abrahamlaw.com.
