Raymond James Financial (NYSE: RJF)
Class Action Investigation
Did you sustain losses investing in the common stock of
Raymond James Financial, Inc. (NYSE: RJF)?
Girard Gibbs LLP is investigating Raymond James Financial, Inc. for potential violations of federal securities laws. Investors who purchased shares of the company's common stock (NYSE: RJF) between April 22, 2008 and April 14, 2009 may be affected.
A securities class action lawsuit was filed against Raymond James and certain of its trustees and officers in federal court in New York. The plaintiffs allege that Raymond James was repeatedly represented as having conservative management principles and avoiding risky assets associated with subprime mortgages when, in fact, the company had failed to disclose the substantial credit risks associated with its subsidiary's residential and commerical loan portfolios. Further, that the defendants failed to set aside adequate reserves for the losses that they knew, or should have known, were forthcoming.
On April 14, 2009, Raymond James revealed that results for the second quarter would be well below the analysts' estimates and that its residential and commerical portfolios would require higher loss reserves that had been anticipated, and that its loan loss provisions had tripled from the previous quarter. Following this announcement, Raymond James stock fell to $2.50 per share , or 13.48%, a 50% decline from its class period high.
If you wish to discuss your rights as an investor in Raymond James Financial common stock (NYSE: RJF), please fill out the information sheet to the right or contact us toll free at (866) 981-4800. If you purchased or otherwise acquired shares of Raymond James common stock, you may, no later than August 10, 2009, move the Court to serve as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation.
Why Girard Gibbs LLP?
Girard Gibbs is a national litigation firm specializing in securities litigation, consumer class actions and complex business litigation. Girard Gibbs' managing partner Daniel Girard was voted one of Northern California's Super Lawyers in 2007, 2008, and 2009 by Law & Politics, recognizing him as one of the top 5-percent of attorneys practicing in Northern California.
