| Company: | Regions Financial Corporation |
| Ticker Symbol: | RF |
| Class Period: | Feb-27-08 to Jan-19-09 |
| Date Filed: | Oct-25-10 |
| Lead Plaintiff Deadline: | Dec-24-10 |
| Court: | Northern District of Alabama |
| Allegations: | |
The Complaint charges Regions and certain of its officers and directors with violations of federal securities laws. Specifically, the Complaint alleges that defendants made materially false statements concerning Regions' financial performance. According to the Complaint, the defendants concealed the following facts: (i) that the more than $6 billion in "goodwill" Regions carried on its books since the November 4, 2006 acquisition of AmSouth Corporation ("AmSouth") was grossly impaired and overstated; (ii) that subsequent to the AmSouth acquisition Regions had failed to properly test for and write down impaired goodwill, causing the Company's balance sheet and reported financial results to be artificially inflated; and (iii) that Regions was operating with woefully deficient internal controls, resulting in inaccurate financial disclosures in violation of Generally Accepted Accounting Principles. On February 25, 2009, defendants acknowledged in their 2008 Form 10-K filing with the SEC that the deteriorating real estate market was the cause of these huge charges and that it had been a problem for the Company since at least 2007.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
