The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Fifth Third Bancorp (NASDAQ: FITB) who purchased shares between February 26, 2016 and March 6, 2020. The action, which was filed in the United States District Court for the Northern District of Illinois, alleges that the Company violated federal securities laws.
In particular, the Fifth Third lawsuit alleges that (i) as a result of Fifth Third Bank’s aggressive incentive policies to promote its cross-sell strategy, Fifth Third Bank employees engaged in unauthorized conduct with customer accounts; (ii) since at least 2008, Fifth Third Bank, and by extension, Fifth Third, was aware of such unauthorized conduct and, thus, that it was violating relevant regulations and laws aimed at protecting its consumers; (iii) Fifth Third failed to properly implement and monitor its cross-sell program, detect and stop misconduct, and identify and remediate harmed consumers; (iv) all the foregoing subjected the Company to a foreseeable risk of heightened regulatory scrutiny or investigation; (v) Fifth Third’s revenues were in part the product of unlawful conduct and thus unsustainable; and (vi) as a result, the Company’s public statements were materially false and misleading at all relevant times.
Shareholders have until June 8, 2020 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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