NEW YORK, Sept. 22, 2008 (GLOBE NEWSWIRE) -- Sucharow filed a class action lawsuit on September 19, 2008 in the United States District Court for the Southern District of New York, on behalf of all purchasers of the securities of Canadian Imperial Bank of Commerce ("CIBC" or the "Company") (NYSE:CM) on the New York Stock Exchange ("NYSE"), and all U.S. purchasers of the securities of CIBC between May 31, 2007 and May 28, 2008, inclusive. The lawsuit was filed against CIBC and certain officers and directors ("Defendants").
If you are a member of the class and would like to consider serving as lead plaintiff or have any questions about the lawsuit, please contact Eric J. Belfi, Esq. at (800)-321-0476 or (212) 907-0700, or via e-mail at ebelfi@labaton.com. Lead Plaintiff motion papers must be filed with the United States District Court for the Southern District of New York no later than November 18, 2008. A lead plaintiff is a court-appointed representative for absent class members. You do not need to seek appointment as lead plaintiff to share in any class recovery in this action. If you are a class member and there is a recovery for the class, you can share in that recovery as an absent class member. You may retain counsel of your choice to represent you in this action.
If you are a member of this class you can view a copy of the complaint and join this class action online at http://www.labaton.com/en/cases/Newly-Filed-Cases.cfm
This action seeks to pursue remedies under the Securities Exchange Act of 1934 (the "Exchange Act"). The action alleges that Defendants misled investors by falsely representing that CIBC's exposure to subprime CDOs was not a major risk issue and failing to accurately describe its total exposure to the U.S. subprime mortgage market. Such reassurances were repeated by Defendants throughout the Class Period in order to artificially support CIBC's stock price in the midst of a weakening subprime mortgage market. Additional disclosures through the end of the Class Period revealed the full extent of CIBC's exposure to toxic subprime mortgage-backed securities, causing the Company's stock to plummet to $63.93 per share on June 6, 2008 after the final curative disclosure on May 29, 2008 was digested by the market -- a drop of more than 40% from CIBC's Class Period high.
Plaintiff is represented by the law firm of Labaton Sucharow. Labaton Sucharow is one of the country's premier national law firms that represent individual and institutional investors in class action, complex securities and corporate governance litigation. The firm has been a champion of investor rights for over 40 years and has been recognized for its reputation for excellence by the courts. More information about Labaton Sucharow is available at www.labaton.com.
More information on this and other class actions can be found on the Class Action Newsline at www.globenewswire.com/ca.