Case Summary

Toronto-Dominion Bank

NYSE: TD

Case Details

  • Tiessen v. The Toronto-Dominion Bank et al.
  • Class Period:February 29, 2024 - October 9, 2024
  • Date Filed:October 22, 2024
  • Jurisdiction:U.S. District Court, Southern District of New York
  • Docket Number: 1:24-cv-08032
  • Lead Plaintiff Deadline: December 23, 2024
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Overview

A class action lawsuit has been filed against The Toronto-Dominion Bank (“TD” or the “Company”) (NYSE: TD) and certain of the Company’s former and current senior executive officers alleging violations of the federal securities laws.  The TD class action lawsuit is brought on behalf of all persons and entities who purchased or otherwise acquired TD securities between February 29, 2024, to October 9, 2024, both dates inclusive (the “Class Period”).  Investors have until December 23, 2024, to seek appointment as lead plaintiff in the TD class action lawsuit.

TD is an international bank, operating through four segments: Canadian Personal and Commercial Banking, U.S. Retail, Wealth Management and Insurance, and Wholesale Banking.  The Company offers its products and services in the United States under the “TD Bank” and “America’s Most Convenient Bank” brand names.

The TD class action lawsuit claims that Defendants provided investors with material information concerning the scope of the issues surrounding TD’s anti-money laundering (“AML”) program employed to comply with the United States Bank Secrecy Act (“BSA”), the ability for Defendants to “fix” those issues, and the punitive and remedial compliance measures likely to be imposed upon TD through the resolution of these investigations.  Defendants’ statements included, among other things, confidence in the Company’s optimistic claims of updating and fixing the existing AML program, alleging a full understanding of the scope of the issues the program was facing, and setting aside specific provisional estimates as to the monetary impact of the punitive and compliance measures believed to be imposed.

Furthermore, the lawsuit alleges that Defendants provided these overwhelmingly positive statements to investors while, at the same time, disseminating materially false and misleading statements and/or concealing material adverse facts concerning the true state of TD’s AML program; pertinently, TD concealed or otherwise minimized the significance of the failures of the Company’s AML program and made no indication that the imposition of an asset cap or other punitive or compliance measures would be imposed that would undermine TD’s continued growth for the foreseeable future.  Such statements absent these material facts caused Plaintiff and other shareholders to purchase TD securities at artificially inflated prices.

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If you purchased or otherwise acquired TD securities between February 29, 2024, to October 9, 2024, both dates inclusive and you wish to serve as lead plaintiff in this lawsuit, we encourage you to submit your information to DiCello Levitt LLP via the form on this page. 

You can also contact DiCello Levitt partner Brian O’Mara by calling (888) 287-9005 or at [email protected]

The deadline to apply to the Court to serve as a lead plaintiff in the TD class action lawsuit is December 23, 2024.