NEW YORK, Jan. 30, 2017 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against State Street Corp. (“State Street” or the “Company”) (NYSE:STT) in the United States District Court for the Central District of California on behalf of persons or entities who purchased or otherwise acquired State Street stock between February 27, 2012 and January 18, 2017, inclusive (the “Class Period”), seeking to recover compensable damages caused by defendants’ violations of the Securities Exchange Act of 1934.
The Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (1) State Street engaged in a scheme to defraud a number of its clients by secretly applying commissions to billions of dollars of securities trades; (2) State Street’s billing practices relied on unsustainable methodologies; (3) over an 18-year period, approximately $240 million or more of expenses may have been incorrectly invoiced to State Street’s asset servicing clients; (4) from June 2010 until September 2011, State Street charged clients “substantial” mark-ups without their consent; and (5) as a result, Defendants’ public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
If you wish to serve as lead plaintiff, you must move the Court no later than March 28, 2017. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.
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