Shareholder Class Action Filed Against Wilmington Trust Corporation by the Law Firm of Barroway Topaz Kessler Meltzer & Check, LLP - Expanding Class Period and Asserting Claims on Behalf of Investors Purchasing Shares Pursuant or Traceable to the Company's Public Offering on or about February 23, 2010

RADNOR, Pa., Nov. 23, 2010 /PRNewswire/ -- The following statement was issued today by the law firm of Barroway Topaz Kessler Meltzer & Check, LLP:

Notice is hereby given that a class action lawsuit was filed in the United States District Court for the District of  Delaware on behalf of purchasers of the securities of Wilmington Trust Corporation (NYSE: WL) ("Wilmington Trust" or the  "Company"), who purchased or otherwise acquired Wilmington Trust securities between April 18, 2008 and October 29, 2010, inclusive (the "Class Period"), including purchasers of the securities issued pursuant or traceable to the Company's public offering on or about February 23, 2010.

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 Barroway Topaz Kessler Meltzer & Check, LLP (Darren J. Check, Esq. or D. Seamus Kaskela, Esq.) toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at [email protected].

The Complaint charges Wilmington Trust and certain of its officers, directors, executives and underwriters with violations of the Securities Act of 1933 and Securities Exchange Act of 1934. Wilmington Trust is a financial services holding company that provides regional banking services throughout the mid-Atlantic region, wealth advisory services to high-net-worth clients in 36 countries, and corporate client services to institutional clients in 89 countries.

More specifically, the Complaint alleges that the Company failed to disclose and misrepresented the following material adverse facts which were known to defendants or recklessly disregarded by them:  (1) that Wilmington Trust was failing to take timely, adequate and required impairments and accounting write-downs, particularly in its construction-loan portfolio; (2) that as a result, Wilmington Trust's financial statements materially overstated the Company's assets;  (3) that the Company's financial statements were not prepared in accordance with Generally Accepted Accounting Principles; (4) that the Company lacked adequate internal and financial controls; and (5) that, as a result of the foregoing, the Company's financial statements and public statements regarding the Company's financial results were materially false and misleading at all relevant times.

On November 1, 2010, Wilmington Trust stunned investors when it issued two related press releases.  First, Wilmington Trust announced dismal results for the third quarter of 2010, reporting a loss of $365.3 million.  The Company stated that a primary cause for the loss was continued deterioration in the Company's loan portfolio, reflecting the extent of the Company's exposure to real estate construction lending concentrated in Delaware.  Wilmington Trust further stated that it had "little assurance" that its loan portfolio would strengthen significantly in the near term, or that the Company's capital position would not erode further.  Second, Wilmington Trust announced that it would merge with M&T Bank Corporation ("M&T"), with the two companies having signed a definitive merger agreement.  Under the terms of the merger agreement, Wilmington Trust common shareholders would receive 0.051372 shares of M&T common stock in exchange for each share of Wilmington Trust common stock.  Most shockingly, the transaction was valued at $3.84 per Wilmington Trust share, representing 1.0x tangible book value as of September 30, 2010.  The prior trading day, October 29, 2010, Wilmington Trust stock had closed at $7.11 per share, an amount Wilmington Trust shareholders were led to believe represented the true value of the Company.

Upon the release of this news, shares of the Company's stock fell $2.90 per share, or 40.79 percent, to close on November 1, 2010 at $4.21 per share, on unusually heavy trading volume.

Plaintiff seeks to recover damages on behalf of class members and is represented by the law firm of Barroway Topaz Kessler Meltzer & Check which prosecutes class actions in both state and federal courts throughout the country.  Barroway Topaz Kessler Meltzer & Check is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world.

For more information about Barroway Topaz Kessler Meltzer & Check, or for additional information about participating in this action, please visit www.btkmc.com.

If you are a member of the class described above, you may, not later than January 18, 2011, move the Court to serve as lead plaintiff of the class, if you so choose.  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.  Your ability to share in any recovery is not, however, 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 lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.  

SOURCE Barroway Topaz Kessler Meltzer & Check, LLP