Coral Gables, Florida (Vocus/PRWEB) February 10, 2011
The Securities Law Firm of Tramont Guerra & Nunez, P.A. (TGN) makes an announcement to all Bank of America shareholders concerning the class action lawsuit (Case No. 11 CV 0733) filed February 2, 2011, in the United States District Court, Southern District of New York, for the class period starting January 20, 2010 and ending October 19, 2010. The class action filed alleges Bank of America, “concealed defects in recording of mortgages and improprieties with respect to the preparation of foreclosure paperwork that harmed BofA investors.” The lawsuit further alleged that as a result of false statements and omissions the “common stock traded at artificially inflated prices during the Class Period.” The class action asserts however, “after the above revelations seeped into the market, the Company’s shares were hammered by massive sales, sending them down nearly 42% from the Class Period high.” In light of these developments, TGN urges investors who held Bank of America stock with full-service brokerage firms to consider what recourse is available to recover their investment losses. The Financial Industry Regulatory Authority, (FINRA) is a self regulating organization with sales practice rules and regulations that govern the securities industry’s conduct and safeguard the investing public. For investors who accumulated shares in Bank of America, the recent developments represent a significant loss in income and investment.
According to TGN many investors in Bank of America stock, were led to believe the stock was suitable for risk adverse investors with current income investment objectives. Full-service brokerage firms are obligated to give, and investors are entitled to rely upon, brokerage firms for competent, suitable investment advice for investments made in customer accounts. Brokerage firms are required to supervise the activities in brokerage accounts, losses may be attributed to the failure to adequately supervise the stockbroker and the brokerage account. A recommendation of unsuitable investments is a cause of action that may be available to investors against their full-service brokerage firm in an individual securities arbitration claim filed with FINRA. Furthermore, an individual securities arbitration claim may allow investors to claim larger losses in Bank of America stock based on higher market values that prevailed prior to the class period.
The Securities Law Firm of Tramont Guerra & Nunez, PA, is a nationally recognized, Martindale Hubbell “AV” rated securities law firm. To request a confidential consultation from a TGN attorney to determine whether you have a viable individual securities arbitration claim for investment losses that exceed $250,000 from a full service brokerage account, contact us on our website. To speak directly with an attorney, call (800) 578-0137 and ask for David Chacin, Esquire.
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