NEW YORK, Sept. 5, 2008 (GLOBE NEWSWIRE) -- The Brualdi Law Firm, P.C. announces that a class action lawsuit has been commenced in the Fifteenth Judicial Circuit Court in West Palm Beach, Florida on behalf of shareholders who obtained National City Corporation ("National City" or "Company") (NYSE:NCC) common shares in connection with the Company's acquisition of Fidelity Bankshares, Inc. on January 5, 2007 ("Fidelity Acquisition") for violations of federal securities laws. The lawsuit seeks damages on behalf of all current and former National City shareholders who acquired the Company's common stock pursuant to and/or traceable to the Company's Registration Statement ("Registration Statement") filed with the Securities and Exchange Commission ("SEC") in connection with the Fidelity Acquisition.
No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you acquired National City common stock in connection with the Fidelity Acquisition and wish to serve as lead plaintiff in this action, you must do so by no later than October 27, 2008. Any member of the purported 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.
To be a member of the class you need not take any action at this time, and you may retain counsel of your choice. 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 Sue Lee at The Brualdi Law Firm, P.C. 29 Broadway, Suite 2400, New York, New York 10006, by telephone toll free at (877) 495-1187 or (212) 952-0602, by email to slee@brualdilawfirm.com or visit our website at http://www.brualdilawfirm.com.
According to the Complaint, the Registration Statement filed in connection with the Fidelity Acquisition contained materially misleading statements and omissions relating to: (a) the Company's disclosures of billions of dollars of risky construction loans; (b) the Company's classification of loans in its portfolio as nonperforming; (c) the understatement of the Company's loan loss reserves and (d) the misstatement of the Company's financial results.