NEW YORK, June 15, 2012 /PRNewswire/ -- Grant & Eisenhofer P.A. has filed a securities class action lawsuit on June 15, 2012 in the U.S. District Court for the Southern District of New York. The lawsuit was filed on behalf of Louisiana Municipal Police Employees Retirement System ("Lampers"), and all other similarly-situated purchasers of JPMorgan Chase & Co. ("JPMorgan" or the "Company") common stock between February 24, 2010 and May 10, 2012, inclusive (the "Class Period"). This Complaint extends the class period prior to the April 13, 2012 start date alleged in the initial class action complaint filed against JP Morgan on May 14, 2012, styled as Smith v. JP Morgan Chase & Co., et al., Case No. 12-cv-3852 (GBD) (S.D.N.Y.). The deadline for class members to move to serve as lead plaintiff is July 13, 2012.
The action alleges that JPMorgan and certain of its officers violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, by misrepresenting the high-risk trading activities conducted by the Company's Chief Investment Office (the "CIO"), and otherwise concealing JP Morgan's and the CIO's exposure to risk. The truth about the CIO's speculative trading activities was revealed on May 10, 2012, following the close of the markets, when the Company filed its Form 10-Q for the first quarter of 2012, and held a conference call with stock analysts in which JP Morgan disclosed that the CIO's investments had generated over $2 billion in losses. In response, JPMorgan's stock dropped precipitously (9.3%), on extraordinarily-high trading volume, wiping $14.4 billion off the Company's market value.
Plaintiff seeks to recover damages on behalf of all purchasers of JPMorgan common stock during the Class Period (the "Class"). The plaintiff is represented by Grant & Eisenhofer P.A., which has extensive expertise in prosecuting investor class actions involving financial fraud.
If you are a member of the class described above, you may, no later than July 13, 2012, move the Court to serve as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. However, your ability to share in any recovery is not affected by the decision whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of their choice, or may choose to do nothing and remain an inactive class member.
Grant & Eisenhofer represents institutional investors and shareholders internationally in securities class actions, corporate governance actions and derivative actions. The Firm has recovered more than $13 billion for shareholders in the last five years and has consistently been cited by RiskMetrics for securing among the highest average investor recovery in securities class actions. Grant & Eisenhofer has been named one of the country's top plaintiff's law firms by The National Law Journal for the past six years. For more information about Grant & Eisenhofer visit www.gelaw.com.
If you wish to discuss this action or have any questions concerning this notice, please contact:
SOURCE Grant & Eisenhofer P.A.