A class action has been filed on behalf of Fifth Third Bancorp (NASDAQ:FITB) investors against the Company and executives alleging investors suffered losses when Fifth Third Bancorp made materially false and misleading statements regarding the Company’s aggressive cross-selling incentive policies. These cross-selling strategies purportedly resulted in Fifth Third Bancorp engaging in authorized conduct with customer accounts. On March 2, 2020, Fifth Third Bancorp’s Form 10-K with the SEC, reporting the Company’s financial and operating results for the quarter and year ended December 31, 2019, states that the U.S. Consumer Financial Protection staff “notified Fifth Third Bancorp that it intends to file an enforcement action in relation to alleged unauthorized account openings.” On March 11, 2020, Fifth Third Bancorp’s stock price fell $0.64 per share, or approximately 3.5%, to close at $17.66, and on March 12, 2020, the shares fell an additional $1.76 per share to close at $15.90 —a total decline of 13.11%.
If you have invested in Fifth Third Bancorp between February 26, 2016 and March 6, 2020, and suffered losses, please contact Finkelstein Thompson LLP. You can reach us at contact@finkelsteinthompson.com or call us toll-free at 1-844-280-5009.
