NEW YORK, July 02, 2023 (GLOBE NEWSWIRE) — Pomerantz LLP is investigating claims on behalf of investors of Comerica Incorporated (“Comerica” or the “Company”) (NYSE: CMA). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether Comerica and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On May 29, 2023, citing a review of “internal documents,” American Banker reported that “Comerica Bank officials privately acknowledged significant compliance failures in their operation of a Treasury Department program that provides federal benefits on prepaid cards to millions of unbanked Americans[.]”American Banker stated that”[a] Comerica executive said the Dallas bank faced a ‘serious contract violation’ for allowing fraud disputes and data on Direct Express and cardholders to be handled out of a vendor’s office in Lahore, Pakistan[.]”
On this news, Comerica’s stock fell $1.40 per share, or 3.59% to close at $37.59 per share on May 30, 2023.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is recognized as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duties, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
Robert S. Willoughby
888-476-6529 ext. 7980