Coral Gables, FL (PRWEB) July 29, 2008
The Law Firm of Tramont Guerra & Nunez, PA (TGN) makes an announcement concerning the class action lawsuit (Case No. 08 CV 6171) against Wachovia filed in the United States District Court for the Southern District of New York, on behalf of investors who purchased common stock during the period from May 6, 2006 and June 6, 2008. The class action alleges that Wachovia issued materially false and misleading statements regarding the company's operations including exposure to the subprime mortgage meltdown and sales practices concerning auction rate securities.
Prospective class members need to decide which legal process is more suitable for them; Class Action vs Individual Arbitration lawsuits. Investors can choose to "opt-out" of a class action lawsuit and pursue their individual claims through the securities arbitration process. Securities arbitration may provide an opportunity for individual investors to recover a greater percentage of their losses. FINRA has standards of care for the handling of investment accounts concerning investment advice and supervision. Failure of member firms to comply with the rules and regulations can result in a cause of action in a securities arbitration case. In particular, specific standards of care are required for the handling of investor accounts concentrated in a single stock position, such as Wachovia. Failure to implement risk management strategies to protect the value of a concentrated stock position can represent unsuitable investment advice and a failure to supervise client accounts.
Community banks throughout the country have been consolidated through bank merger or acquisition by Wachovia. In many instances, these bank stock positions represent a significant portion of investor's personal and family wealth. The stock market losses sustained have decimated the value of a lifetime of investment. There is important information that Wachovia stock investors need to understand. This information concerns issues such as the required standards of care and whether the stock was held in bank trust or brokerage account.
The Securities Arbitration Law Firm of Tramont Guerra & Núñez, PA (TGN), a bilingual law firm located in Coral Gables, Florida has a strong commitment to the protection of the rights of all investors. To request a confidential consultation from a TGN attorney concerning stock market losses, go to our website at http://www.stockmarketlosslawyer.com. To contact by telephone call 1-800-578-0137 or 305-350-2300 and ask for David Chacin, Esq.