BigClassActions.com

National City Corporation NCC Securities Stock Fraud

- by

Company: National City Corporation
Ticker Symbol: NCC
Class Period: Jan-5-07 to Jan-5-07
Date Filed: Aug-28-08
Lead Plaintiff Deadline: Oct-27-08
Court: Fifteenth Judicial Circuit for Palm Beach County, Florida.
Allegations:
A securities class action on behalf of all persons who acquired the common stock of National City Corporation pursuant and/or traceable to the Company's Registration Statement filed with the Securities and Exchange Commission in connection with National City's Corp.'s acquisition of Fidelity Bankshares, Inc. on January 5, 2007.

The Complaint alleges that defendants violated federal securities laws by issuing issued materially false and misleading statements concerning National City Corp.'s business and financial performance. Specifically, the Complaint alleges that the Registration Statement filed in connection with the Fidelity acquisition contained materially misleading statements and omissions relating to: (a) the Company's disclosures of billions of dollars of risky construction loans; (b) the Company's classification of loans in its portfolio as non-performing; (c) the understatement of the Company's loan loss reserves and (d) the misstatement of the Company's financial results.

No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased National City Corp. common stock pursuant and/or traceable to the Company's acquisition of Fidelity Bankshares, Inc., you have certain rights, and have until October 27, 2008, to move for Lead Plaintiff status. To be a member of the class you need not take any action at this time, and you may retain counsel of your choice.

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.

National City Corporation NCC 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 National City Corporation securities class action lawsuit. Please fill in our form on the right to submit your complaint for a free evaluation.

Maybe it's your stockbroker

Add Your Comment on This Issue

Fields marked * are mandatory. Please read our comment guidelines before posting.

*Name:

Note: Your name will be published with your comment.

*Email Address:

Your email will only be used if a response is needed.

*Your Comment:
Request Legal Help