Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased 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.
Investors suffering losses on their U.S. Bancorp investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.
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.
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 Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
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View source version on businesswire.com: https://www.businesswire.com/news/home/20221027006051/en/
Contacts
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com
