Twersky Law Group, a highly regarded and reputable law firm based in New York, wishes to inform investors about a significant development in the form of a class action lawsuit against Comerica Incorporated (“Comerica” or “the Company”) (NASDAQ: CMA) and certain officers of the company. This lawsuit has been filed on behalf of all individuals and entities that purchased or otherwise acquired Comerica securities from February 9, 2021 through May 29, 2023 (the “Class Period”). Investors who acquired Comerica securities during this defined timeframe are strongly encouraged to participate in this case by contacting atara@twerskylawgroup.com. The deadline to file a motion for appointment of lead plaintiff is October 20, 2023.
The fundamental objective of this class action lawsuit is to recover for the benefit of investors who purchased Comerica securities during the Class Period, the losses they sustained as a consequence of the misleading statements made by Defendants in violation of the federal securities laws.
ALLEGATIONS AGAINST COMERICA INCORPORATED
According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose, among other things, that: (1) Comerica failed to provide meaningful oversight over the vendors to whom it contracted out day-to-day operations of the Direct Express program, a system through which it is contracted to provide federal benefits to millions of Americans without bank accounts; (2) as a result of violations in the day-to-day operations of Direct Express, including handling fraud disputes and allowing sensitive data to be handled out of a vendor’s office in Pakistan, Comerica was not in compliance with the Federal Contract, and knew it was not in compliance; (3) Comerica knew and failed to disclose that it was in potential violation of Regulation E due to inadequate fraud prevention in the Direct Express program and responses to instanced of fraud; and (4) as a result, Defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
ABOUT COMERICA INCORPORATED
What is Comerica Incorporated?
- Comerica Incorporated is a financial services company based in Dallas, Texas, USA. It operates as a bank holding company and provides a wide range of financial products and services, including commercial banking, retail banking, wealth management, and more. Comerica Bank is the primary subsidiary of Comerica Incorporated.
- Comerica Incorporated is a publicly traded company, and its ownership is divided among its shareholders who hold its stock.
- Comerica Bank is the main subsidiary of Comerica Incorporated and is often simply referred to as Comerica. It is one of the largest banks in the United States and operates primarily in the states of Texas, Michigan, Arizona, California, and Florida, with a focus on serving commercial and consumer banking needs.
When was Comerica founded?
- Comerica Incorporated was founded on March 5, 1973. It was established as a result of the merger of two Detroit-based banks, the Detroit Bank & Trust Company and the Manufacturers National Bank of Detroit. This merger led to the creation of the new entity, Comerica Incorporated, which later became a prominent financial services company with Comerica Bank as its primary subsidiary.
Who is Comerica regulated by?
- Comerica Bank is regulated by various regulatory bodies in the United States. Being a financial institution, it falls under the oversight of multiple agencies at both the federal and state levels. These include the Office of the Comptroller of the Currency (OCC), the Federal Reserve System, and state-level banking authorities in the states where it operates, among others. Please note that regulations and oversight may change over time, so it’s a good idea to verify this information with the latest sources if needed.
JOIN THIS CASE
It is important to note that a class action lawsuit has already been filed in connection with these allegations. Therefore, for those individuals who suffered financial losses in their investments in Comerica during the Class Period, there is a limited opportunity to seek appointment as a lead plaintiff. This process entails requesting the Court to designate them as the primary representative on behalf of the entire class. The deadline for submitting such a request is October 21, 2023. It is important to emphasize that while becoming a lead plaintiff can offer certain advantages, participation in the recovery process and the potential for financial compensation does not mandate serving as a lead plaintiff.
Twersky Law Group, a distinguished legal firm renowned for its attorneys expertise in handling securities fraud class actions and shareholder derivative suits, who have a long-standing track record of successfully recovering significant sums of money for investors nationwide. With an unwavering commitment to seeking justice for their clients, the firm’s attorneys are resolute in pursuing fair compensation on behalf of those affected by alleged securities law violations. As with any legal matter, it is essential to understand that this announcement constitutes attorney advertising. Past case outcomes and results achieved do not guarantee similar outcomes in this particular case.
Investors who believe they may qualify as potential class members in the class action lawsuit against Comerica are strongly encouraged to reach out directly to the firm for further information and assistance. The knowledgeable legal professionals at Twersky Law Group stand ready to provide guidance and support to investors seeking to protect their rights and pursue the recovery they deserve.
ABOUT US
For more information as well as to join this case please contact Atara Twersky, Esq. at atara@twerskylawgroup.com. Atara is Principal at Twersky Law Group and of counsel at AF&T Law Firm where she is director of Investor Services. Atara focuses her practice on assisting her clients with increasing their investment portfolio recoveries and ensuring that their portfolios remain healthy and robust. For more information on shareholder recoveries, listen to Atara ’s Pension and Investments Podcast with notable guests in the pension fund Industry that discusses various matters relating to investment portfolios. For more information on Atara and her legal work pertaining to shareholder protection click here.
