FIRST HORIZON SHAREHOLDER ACTION REMINDER : Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $100,000 In First Horizon To Contact Him Directly To Discuss Their Options
NEW YORK, June 10, 2023
NEW YORK, June 10, 2023 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against First Horizon Corporation ("First Horizon" or the "Company") (NYSE: FHN) and reminds investors of the July 21, 2023 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you suffered losses exceeding $100,000 investing in First Horizon stock or options between February 28, 2022 and May 3, 2023 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also click here for additional information: www.faruqilaw.com/FHN.
There is no cost or obligation to you.
Faruqi & Faruqi is a leading minority and Woman-owned national securities law firm with offices in New York, Pennsylvania, California and Georgia.
According to the complaint, defendants made false statements and/or concealed that TD Bank failed to disclose material information to the market that it had deficient internal controls that posed a significant risk to the closing of the First Horizon transaction. Specifically, TD Bank suffered from grossly ineffective internal controls regarding anti-money laundering practices and failed to appropriately report unusual transactions or suspicious activity to U.S. regulators. According to a report published by The Wall Street Journal, in "recent years," TD Bank only "flagged 28 customer transactions" as suspicious. As a result, the Office of the Comptroller of the Currency and the U.S. Federal Reserve refused to approve the transaction within the necessary time frames.
On March 1, 2023, First Horizon revealed that TD Bank had informed First Horizon that it did not expect "the necessary regulatory approvals will be received in time to complete the [business combination] by May 27, 2023."
On this news, the price of First Horizon shares fell 10.6% to close at $22.14 per share on March 1, 2023.
Thereafter, on May 4, 2023, First Horizon and TD Bank issued a joint press release titled "TD Bank and First Horizon Mutually Agree to Terminate Merger Agreement," explaining that "TD informed First Horizon that TD does not have a timetable for regulatory approvals to be obtained for reasons unrelated to First Horizon." During a First Horizon investor call held that day, First Horizon further revealed that TD Bank "could not provide assurance of regulatory approval in 2023 or 2024."
On this news, First Horizon's share price fell another 33%, to close at $10.06 per share on May 4, 2023.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding First Horizon's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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