NEW YORK, March 31, 2003 (PRIMEZONE) -- Notice is hereby given that a class action lawsuit was commenced in the United States District Court for the Southern District of Ohio on behalf of all purchasers of Fifth Third Bancorp ("Fifth Third" or the "Company") (Nasdaq:FITB) securities between September 21, 2001 and January 31, 2003, inclusive (the "Class Period"). A copy of the complaint filed in this action can be viewed on the firm's website at www.faruqilaw.com
The complaint charges defendants with violations of federal securities laws by, among other things, issuing a series of materially false and misleading press releases concerning Fifth Third's financial results and business prospects. Specifically, the complaint alleges that Fifth Third repeatedly represented to the public that the Company had successfully and seamlessly integrated a large corporate acquisition (Old Kent) into its operations, that its business was stronger than ever, and that the Company would continue to grow and provide investment safety. These statements were materially false and misleading because they failed to disclose that the Old Kent merger seriously strained the Company's infrastructure, caused deficiencies in its internal controls and negatively impacted Fifth Third's ability to operate. Moreover, it is alleged that defendants engaged in this scheme in order to use its stock as currency to fund acquisitions of other companies. On November 14, 2002, however, the Company revealed that a one-time write-off, a $54 million after tax charge for impaired funds taken as the result of a botched accounting reconciliation, triggered an investigation by banking regulators and the SEC. Additionally, on January 31, 2003, the Company disclosed that banking regulators would likely take formal action against the Company, which would require Fifth Third to improve its internal controls by, among other things, adding personnel and processes.
Plaintiff seeks to recover damages on behalf of himself and all other individual and institutional investors who purchased or otherwise acquired Fifth Third securities between September 21, 2001 and January 31, 2003, excluding defendants and their affiliates. Plaintiff is represented by Faruqi & Faruqi, LLP, a law firm with extensive experience in prosecuting class actions, and significant expertise in actions involving corporate fraud.
If you wish to obtain information concerning joining this action you can do so under the "Join Lawsuit" section of our website at www.faruqilaw.com
If you purchased Fifth Third securities during the Class Period, you may, not later than May 26, 2003, move the court to serve as lead plaintiff of the class, if you so choose. In order to serve as lead plaintiff, however, you must meet certain legal requirements. If you wish to discuss this action, or have any questions concerning this notice or your rights or interests, please contact:
Anthony Vozzolo, Esq. Faruqi & Faruqi, LLP 320 East 39th Street New York, NY 10016 Telephone: (877) 247-4292 or (212) 983-9330 e-mail: Avozzolo@faruqilaw.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca