NEW YORK, Sept. 26, 2008 (GLOBE NEWSWIRE) -- The Brualdi Law Firm, P.C. announces that a lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of Canadian Imperial Bank of Commerce ("CIBC" or "the Company") (NYSE:CM) common stock during the period between May 31, 2007 and May 28, 2008 (the "Class Period") for violations of federal securities laws.
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 purchased CIBC common stock during the Class Period, and wish to move the court for appointment of lead plaintiff, you must do so by November 18, 2008. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You do not need to seek appointment as a lead plaintiff in order to share in any recovery.
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.
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.
More information on this and other class actions can be found on the Class Action Newsline at www.globenewswire.com/ca.