Investors can contact the law firm at no cost to learn more about recovering their losses
LOS ANGELES, Oct. 12, 2023 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises Comerica Incorporated (NYSE: CMA) investors that a lawsuit filed on behalf of investors that purchased Comerica securities between February 9, 2021 and May 29, 2023, both dates inclusive (the “Class Period”).
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 844-767-8529 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case via www.portnoylaw.com. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
According to the lawsuit, the defendants were accused of making false and/or misleading statements or omitting important information during the specified Class Period. These alleged actions include:
- Inadequate Oversight of Vendors: The lawsuit contends that Comerica did not sufficiently oversee the vendors responsible for the day-to-day operations of the Direct Express program. This program facilitates the distribution of federal benefits to millions of Americans who lack bank accounts.
- Non-Compliance with Federal Contract: It is claimed that due to operational issues in the Direct Express program, such as mismanaging fraud disputes and permitting sensitive data to be handled in a vendor's office in Pakistan, Comerica was not in accordance with the terms of the Federal Contract. The defendants are alleged to have known about this non-compliance.
- Regulation E Violations: The lawsuit asserts that Comerica was aware of and did not disclose potential breaches of Regulation E. These breaches pertained to insufficient fraud prevention measures within the Direct Express program and inadequate responses to instances of fraud.
- False Statements: The defendants' statements about Comerica's business, operations, and future prospects are claimed to have been materially false and misleading or without a reasonable basis throughout the relevant period.
It is further alleged that when the actual details came to light, investors suffered financial losses as a result.
Please visit our website to review more information and submit your transaction information.
The Portnoy Law Firm represents investors in pursuing claims against caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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