Kuznicki Law PLLC notifies investors that a class action has commenced in the United States District Court for the Southern District of New York on behalf of shareholders of The Toronto-Dominion Bank who purchased shares between February 29, 2024 and October 9, 2024.
TD and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On October 10, 2024, the Company disclosed resolutions reached from investigations by various U.S. Government entities into the Company’s anti-money laundering (“AML”) program compliance with the United States Bank Secrecy Act (“BSA”), which included a punitive payment of $3.09 billion, an asset cap preventing TD’s two U.S. subsidiaries from exceeding a collective $434 billion, and a “more stringent approval processes for new bank products, services, markets, and stores to ensure the AML risk of new initiatives is appropriately considered and mitigated.”
On this news, the price of TD’s shares fell from a closing price of $63.51 per share on October 9, 2024 to $59.44 per share on October 10, 2024, and further to $57.01 on October 11, 2024.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until December 23, 2024 to request that the court appoint them lead plaintiff.