materially misleading information and omissions of material fact in support of the Company’s proposed sale
Coral Gables, Florida (Vocus) April 13, 2010
The Securities Law Firm of Tramont Guerra & Núñez, PA (TGN) makes an announcement to all Harleysville National Corp investors concerning the class action lawsuit (Case No. 10 CV 00204) filed January 15, 2010, in the United States District Court, Eastern District of Pennsylvania, for the class period starting July 26, 2009 and ending January 15, 2010. The class action was filed against members of the Harleysville National Corp Board of Directors concerning the sale of the company through a merger with First Niagara Financial Corp. The class action alleges that the Proxy Statement used to solicit shareholders contained “materially misleading information and omissions of material fact in support of the Company’s proposed sale”. Prospective class members should consider whether an individual securities arbitration claim filed with the Financial Industry Regulatory Authority, (FINRA) is more effective than a class action for recovery of their investment losses.
Many investors were advised by their financial advisers that Harleysville National Corp stock was a suitable investment. Brokerage firms are obligated to give, and investors are entitled to rely upon brokerage firms for, competent, suitable investment advice in accordance with FINRA Sales Practice Rules and Regulations. 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. Recommendations of unsuitable investments and/or maintaining unprotected concentrated stock positions are both causes 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 Harleysville National Corp based on higher share prices that prevailed prior to the class period.
The Securities Law Firm of Tramont Guerra & Núñez, 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 $100,000 from a full service brokerage account, contact us on our website. To speak directly with an attorney, call (888) 834-2171 and ask for Ben Fernandez, Esquire.