LOS ANGELES–(BUSINESS WIRE)–$FITB #classaction—The Law Offices of Frank R. Cruz announces an investigation on behalf of MB Financial, Inc. (“MB”) concerning allegations against Fifth Third Bancorp (“Fifth Third” or the “Company”) (NASDAQ: FITB) and possible violations of federal securities laws.
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In March 2019, Fifth Third acquired MB in a transaction valued at approximately $4.7 billion wherein MB shareholders received cash and stock.
On March 2, 2020, Fifth Third revealed in a 10-K reporting its results for the quarter and year ended December 31, 2019, that the Consumer Financial Protection Bureau (“CFPB”) “notified Fifth Third that it intends to file an enforcement action in relation to alleged unauthorized account openings.” Shortly thereafter, Bloomberg published an article publicizing the forthcoming CFPB complaint.
Then, on March 9, 2020, the CFPB announced that it had filed a lawsuit against Fifth Third in federal court, disclosing significant additional information concerning its investigation into the Company and its violations of the Consumer Financial Protection Act, the Truth in Lending Act, and the Truth in Savings Act and their implementing regulations.
Since the Merger, Fifth Third’s common stock has fallen as low as $11.67, or almost 50% of the price of the Company’s stock the date the merger closed.
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If you purchased Fifth Third securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to [email protected], or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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