MINNEAPOLIS, July 14, 2009 (GLOBE NEWSWIRE) -- Charles H. Johnson & Associates announces that a class action has been commenced in the United States District Court for the Northern District of Georgia on behalf of purchasers of Synovus Financial Corporation ("Synovus" or the "Company") (NYSE:SNV) publicly traded securities during the period January 24, 2008 through January 21, 2009 (the "Class Period").
If you are a member of the proposed Class, you may move the Court to serve as a lead plaintiff for the Class on or before September 5, 2009. You do not need to be a lead plaintiff in order to share in any recovery that may be obtained.
The Complaint alleges Defendants issued false and misleading statements about the company's business and financial results and failed to disclose the extent of its large exposure to Sea Island Company, a resort in Georgia, and the deteriorating condition of Sea Island. The Complaint further alleges that the Company failed to adequately and timely record losses for its impaired loans, causing its financial results to be false.
As a result of Defendants' false statements, investors purchased Synovus at inflated prices. The stock reached a high of $13.49 per share on February 1, 2008. Then, on January 22, 2009, Synovus reported a net loss for the fourth quarter of 2008 of $637 million, or $1.93 per share. The fourth quarter 2008 results included a provision expense of $364 million and a $443 million non-cash goodwill impairment charge. On this news, Synovus stock fell to as low as $4.52 before it closed at $4.75 per share on January 22, 2009.
If you purchased Synovus Financial Corporation stock during the Class Period, or have any questions concerning this notice or your rights with respect to this matter, please contact:
Neal Eisenbraun, Esq. (cjohnsonlaw@gmail.com) Charles H. Johnson & Associates 2599 Mississippi Street New Brighton, MN