BALA CYNWYD, Pa., April 1, 2003 (PRIMEZONE) -- The following statement was issued today by the law firm of Schiffrin & Barroway, LLP:
Notice is hereby given that a class action lawsuit was filed in the United States District Court for the Southern District of Ohio, Western Division on behalf of all purchasers of the common stock of Fifth Third Bancorp ("Fifth Third" or the "Company") (Nasdaq:FITB) from September 21, 2001 through January 31, 2003, inclusive (the "Class Period").
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Schiffrin & Barroway, LLP (Marc A. Topaz, Esq. or Stuart L. Berman, Esq.) toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at info@sbclasslaw.com.
The complaint charges that during the Class Period, Fifth Third portrayed to the investing community that the Company had successfully integrated merger target (Old Kent), but in fact the merger was not going well and the Company was having significant problems with its internal controls.
Approximately one year after the Old Kent acquisition, Fifth Third announced in a press release distributed on September 10, 2002, that the Company would be taking a $54 million after-tax ($81.8 million pre-tax) charge for impaired funds. This announcement triggered an investigation by State regulatory authorities and the SEC.
In a Form 8-K filed with the SEC on December 10, 2002, the Company claimed that an internal investigation revealed adequate internal controls regarding the charge back announced in the September 10, 2002 press release. However, on Friday, January 31, 2003, the Company filed a Form 8-K with the SEC reporting that regulators were prepared to take action against the Company.
Plaintiff seeks to recover damages on behalf of class members and is represented by the law firm of Schiffrin & Barroway, LLP, which prosecutes class actions on behalf of investors and shareholders. For more information on Schiffrin & Barroway, or to sign-up to participate in this action online, please visit http://www.sbclasslaw.com/cgi/signup.cgi.
If you are a member of the class described above, 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.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca