STEVENSON, Md., Feb. 21, 2017 (GLOBE NEWSWIRE) -- The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the Central District of California on behalf of purchasers of State Street Corporation (NYSE:STT) (“State Street” or the “Company”) securities during the period between February 27, 2012 and January 18, 2017, inclusive (the “Class Period”). Investors who wish to become proactively involved in the litigation have until March 28, 2017 to seek appointment as lead plaintiff.
If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in State Street securities during the Class Period. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants’ failure to disclose during the Class Period that State Street engaged in a scheme to defraud a number of its clients by applying commissions to billions of dollars of security trades, its billing practices relied on unsustainable methodologies, over a 18-year period, approximately $240 million or more of expenses may have been incorrectly invoiced, and from June 2010 until September 2011, the Company charged its clients mark-ups without their consent.
According to the complaint, following a January 31, 2014 article that the Company was fined millions for its hidden fees in the U.K., a December 17, 2015 announcement that the Company incorrectly invoiced approximately $200 million in expenses, a January 27, 2016 announcement that the Company incurred a pre-tax charge for interest on the amounts to be reimbursed in connection with the improper invoices, an April 5, 2016 article regarding the Company’s ex-executives being charged with defrauding clients, and a January 18, 2017 announcement by the U.S. Department of Justice that the Company entered into a deferred prosecution agreement and agreed to pay criminal penalties, the value of State Street shares declined significantly.
If you have suffered a loss in excess of $100,000 from investment in State Street securities purchased on or after February 27, 2012 and held through the revelation of negative information during and/or at the end of the Class Period and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentsecuritiescases.html. You may also request more information by contacting Brower Piven either by email at hoffman@browerpiven.com or by telephone at (410) 415-6616. Brower Piven also encourages anyone with information regarding the Company’s conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.