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Canadian Imperial Bank of Commerce CIBC Securities Stock Fraud

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Company: Canadian Imperial Bank of Commerce
Ticker Symbol: CIBC
Class Period: May-31-07 to May-28-08
Date Filed: Sep-19-08
Lead Plaintiff Deadline: Nov-18-08
Court: Southern District of New York
Allegations:
A class action lawsuit has been filed in the United States District Court for the Southern District of New York, on behalf of all purchasers of the securities of Canadian Imperial Bank of Commerce on the New York Stock Exchange ("NYSE"), and all U.S. purchasers of the securities of CIBC between May 31, 2007 and May 28, 2008, inclusive. The lawsuit was filed against CIBC and certain officers and directors ("Defendants").

This action seeks to pursue remedies under the Securities Exchange Act of 1934 (the "Exchange Act"). The action alleges that Defendants misled investors by falsely representing that CIBC's exposure to subprime CDOs was not a major risk issue and failing to accurately describe its total exposure to the U.S. subprime mortgage market. Such reassurances were repeated by Defendants throughout the Class Period in order to artificially support CIBC's stock price in the midst of a weakening subprime mortgage market. Additional disclosures through the end of the Class Period revealed the full extent of CIBC's exposure to toxic subprime mortgage-backed securities, causing the Company's stock to plummet to $63.93 per share on June 6, 2008 after the final curative disclosure on May 29, 2008 was digested by the market -- a drop of more than 40% from CIBC's Class Period high.

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.

Canadian Imperial Bank of Commerce CIBC Securities Fraud Legal Help

If you have suffered from financial losses, you may qualify for damages or remedies that may be awarded in a possible Canadian Imperial Bank of Commerce securities class action lawsuit. Please fill in our form on the right to submit your complaint for a free evaluation.

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