NEW YORK, March 17, 2017 (GLOBE NEWSWIRE) -- Customers of Toronto-Dominion Bank (TD) may be interested to know that a class action lawsuit has been filed against The Toronto-Dominion Bank (“TD” or the “Company”) (NYSE:TD) in the United States District Court for the District of New Jersey on behalf of a class consisting of investors who purchased or otherwise acquired TD stock on the open market from December 3, 2015 and March 9, 2017, inclusive (the “Class Period”), seeking to recover compensable damages caused by Defendants’ violations of the Securities Exchange Act of 1934.
The Complaint alleges Defendants made false and/or misleading statements and/or failed to disclose that: (i) TD’s wealth asset growth and increased fee-based revenue was spurred by a performance management system that led to its employees breaking the law at their customers’ expense in order to meet sales targets; (ii) TD illicitly increased customers’ lines of credits and overdraft protection amounts without their knowledge; (iii) TD illicitly upgraded customers to higher-fee accounts without permission; (iv) TD lied to customers as to the risk of the Company’s products and services; and (iv) as a result of the foregoing, TD’s public statements were materially false and misleading at all relevant times.
On March 6, 2017, CBC News published a report based on interviews with several TD employees, who spoke about the “incredible pressure” to “squeeze profits from customers by signing them up for products and services they don’t need.”
On March 10, 2017, CBC News published a more detailed second report, where it reported that hundreds of current and former employees had responded to the first CBC report with additional stories of pressure to upsell customers.
If you wish to serve as lead plaintiff, you must move the Court no later than May 11, 2017. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.
Please visit our website at http://www.gme-law.com for more information about the firm.