SAN DIEGO, Aug. 21, 2023 (GLOBE NEWSWIRE) -- Johnson Fistel, LLP notifies investors of Comerica Incorporated (NYSE: CMA) a securities class action lawsuit has been filed. The lawsuit seeks to recover losses on behalf of investors who acquired securities within the class period. Investors who acquired securities during the class period, February 9, 2021 and May 29, 2023, inclusive (the “Class Period”) are encouraged to review the following information.
If you would like more information and want to join the class action please click or copy and paste the following link:
https://www.johnsonfistel.com/investigations/comerica
There is no cost or obligation to you.
Complaint Allegations: According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose, among other things, that: (1) Comerica failed to provide meaningful oversight over the vendors to whom it contracted out day-to-day operations of the Direct Express program, a system through which it is contracted to provide federal benefits to millions of Americans without bank accounts; (2) as a result of violations in the day-to-day operations of Direct Express, including handling fraud disputes and allowing sensitive data to be handled out of a vendor’s office in Pakistan, Comerica was not in compliance with the Federal Contract, and knew it was not in compliance; (3) Comerica knew and failed to disclose that it was in potential violation of Regulation E due to inadequate fraud prevention in the Direct Express program and responses to instanced of fraud; and (4) as a result, Defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
What can Investors Do: Shareholders who incurred losses during the class period, have until October 20, 2023, to move the court to become a lead plaintiff in this action. A lead plaintiff will act on behalf of all other class members in directing the class-action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the class-action lawsuit. An investor's ability to share any potential future recovery of the class action lawsuit is not dependent upon serving as lead plaintiff.
Johnson Fistel, LLP is a shareholder rights law firm representing individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information, visit their website http://www.johnsonfistel.com.
Contact:
Johnson Fistel, LLP
Jim Baker, 619-814-4471
Investor Relations
jimb@johnsonfistel.com
or
Frank Johnson, 619-309-4405
fjohnson@johnsonfistel.com
