The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of KeyCorp (NYSE: KEY) who purchased securities between February 27, 2020 and June 9, 2023. The action, which was filed in the United States District Court for the Northern District of Ohio, alleges that the Company violated federal securities laws.
In particular, the Key lawsuit alleges that (i) Key downplayed concerns with its liquidity while overstating the effectiveness of its long-term liquidity strategy; (ii) Key overstated its projected net interest income (“NII”) for the second quarter and full year of 2023, as well as related positive NII drivers, while downplaying negative NII drivers; (iii) as a result, Key was likely to negatively revise its previously issued NII guidance; (iv) all the foregoing, once revealed, was likely to negatively impact Key’s business, financial results, and reputation; and (v) as a result, defendants’ public statements were materially false and/or misleading at all relevant times.
Shareholders have until October 3, 2023 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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