Synovus Financial Corp SNV Securities Stock Fraud

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Company: Synovus Financial Corp
Ticker Symbol: SNV
Class Period: Jan-24-08 to Jan-21-09
Date Filed: Jul-7-09
Lead Plaintiff Deadline: Sep-5-09
Court: Northern District of Georgia
An investor in Synovus Financial has filed a proposed securities class action lawsuit in the United States District Court for the Northern District of Georgia on behalf of purchasers of Synovus Financial Corp, during the period between January 24, 2008 and January 21, 2009, against Synovus over alleged violations of federal securities laws.

According to the complaint the plaintiff alleges Synovus Financial Corp, and certain of its officers and directors violated the Securities Exchange Act of 1934 by issuing between January 24, 2008 and January 21, 2009 materially false and misleading statements regarding Synovus Financial's business and financial results and engaged in improper behavior which harmed Synovus' investors by failing to disclose the extent of its large exposure to the Sea Island Company, a resort in Georgia, and the deteriorating condition of Sea Island.

The plaintiff alleges that Synovus also failed to adequately and timely record losses for its impaired loans, causing its financial results to be materially false and as a result of defendants alleged false statements, Synovus stock traded at artificially inflated prices between January 24, 2008 and January 21, 2009, reaching a high of $13.49 per share on February 1, 2008. Then, on January 22, 2009, so the lawsuit alleges, Synovus Financial reported a net loss for the fourth quarter of 2008 of $637 million, or $1.93 per share. The fourth quarter 2008 results included provision expense of $364 million and a $443 million non-cash goodwill impairment charge. According to the complaint Synovus stock fell on this news, to as low as $4.52 before it closed at $4.75 per share on January 22, 2009.

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.

Synovus Financial Corp SNV 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 Synovus Financial Corp securities class action lawsuit. Please fill in our form on the right to submit your complaint for a free evaluation.

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