LOS ANGELES, Nov. 19, 2002 (PRIMEZONE) -- Glancy & Binkow LLP -- the first firm to file a class action lawsuit against Comerica, Inc. based upon recent events -- announces 34 days remaining to move to be a lead plaintiff in the shareholder lawsuit. All persons and institutions who received shares of Comerica, Inc. ("Comerica" or the "Company") (NYSE:CMA) on or about January 30, 2001, as a result of Comerica's acquisition of Imperial Bancorp, and who sold the shares at a loss or who retained their holdings in Comerica through October 1, 2002, inclusive (the "Class Period"), may move the Court not later than December 23, 2002, to serve as lead plaintiff, however, you must meet certain legal requirements.
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 Glancy & Binkow LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201-9161 or Toll Free at (888) 773-9224 or by e-mail to info@glancylaw.com.
The Complaint charges Comerica and certain of its officers and directors with violations of federal securities laws. Among other things, plaintiff claims that defendants' material omissions and the dissemination of materially false and misleading statements regarding the nature of Comerica's business operations and financial performance caused Comerica's stock price to become artificially inflated, inflicting damages on investors. The Complaint alleges that defendants artificially inflated the Company's revenue and earnings by overstating the value of its Munder Capital Management subsidiary ("Munder") and under accruing Comerica's loan loss reserves. Revelations about the defendants' material misrepresentations and omissions came to light on October 2, 2002, when the Company disclosed that, following a recent regulatory examination, Comerica would reduce its second- and third-quarter 2002 earnings as a result of a $213 million after-tax charge to set aside more money for loan losses and to reflect a decline in the value of the Munder subsidiary.
Plaintiff seeks to recover damages on behalf of Class members and is represented by Glancy & Binkow LLP, a law firm with significant experience in prosecuting shareholder lawsuits, and substantial expertise in actions involving corporate fraud.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.