The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of U.S. Bancorp (USB) Investors
LOS ANGELES–(BUSINESS WIRE)–$STOCKS—The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired U.S. Bancorp (“U.S. Bancorp” or the “Company”) (NYSE: USB) securities between August 1, 2019 and July 28, 2022, inclusive (the “Class Period”). U.S. Bancorp investors have until December 27, 2022 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to participate.
On July 28, 2022, after an investigation by the Consumer Financial Protection Bureau into its sales practices, the Company’s subsidiary U.S. Bank National Association (“U.S. Bank”) was fined $37.5 million for illegally accessing its customers’ credit reports and opening credit cards, lines of credit, and checking and savings accounts without customers’ permission.
On this news, U.S. Bancorp’s stock fell $2.09, or 4.3%, to close at $46.12 per share on July 28, 2022, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) U.S. Bank created sales pressure on its employees that led them to open credit cards, lines of credit, and deposit accounts without consumers’ knowledge and consent; (2) since at least 2015, U.S. Bank and by extension, U.S. Bancorp, was aware of such unauthorized conduct and that it was violating relevant regulations and laws aimed at protecting its consumers; (3) U.S. Bancorp failed to properly monitor its employees from engaging in such unlawful conduct, detect and stop the misconduct, and identify and remediate harmed consumers; (4) all the foregoing subjected the Company to a foreseeable risk of heightened regulatory scrutiny or investigation; (5) U.S. Bancorp’s revenues were in part the product of unlawful conduct and thus unsustainable; and (6) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
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If you purchased U.S. Bancorp securities during the Class Period, you may move the Court no later than December 27, 2022 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you purchased U.S. Bancorp 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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Contacts
The Law Offices of Frank R. Cruz, Los Angeles
Frank R. Cruz, 310-914-5007
[email protected]
www.frankcruzlaw.com
