HARTFORD, Conn., June 23, 2008 (PRIME NEWSWIRE) -- The law firm of Schatz Nobel Izard P.C., which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the Southern District of Ohio on behalf of all persons who purchased the securities of Fifth Third Bancorp ("FITB" or the "Company") (Nasdaq:FITB) (NYSE:FTB-PA) (NYSE:FTB-PC) (NYSE:FTB-PB) from October 19, 2007 through June 17, 2008, inclusive (the "Class Period"). Also included are those who purchased Trust Preferred Securities in an initial public offering (the "Offering") on October 25, 2007.
The Complaint charges that FITB and certain of its officers and directors violated federal securities laws by issuing a series of materially false and misleading statements concerning the quality of the Company's Tier 1 capital, the relevant ratios and sufficiency of its Tier 1 capital, the necessity to take net charge-offs stemming from increasing credit losses, and the need to shore up capital due to the Company's exposure to poorly performing real estate markets in the Mid-West region. The Complaint further alleges that Trust Preferred Securities were sold to the investing public in the Offering pursuant to a Prospectus that omitted material information. The statements made in the Company's Prospectus contained material omissions because, at the time of the Offering, FITB was already suffering from several adverse factors that were not revealed and/or adequately addressed in the Prospectus.
If you are a member of the class, you may, no later than August 19, 2008, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.
While Schatz Nobel Izard P.C. has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, class action cases in general, and your rights, please contact Schatz Nobel Izard P.C. toll-free at (800) 797-5499, or by e-mail at firm@snilaw.com, or visit our website: www.snilaw.com.