Lawsuit filed against Toronto-Dominion Bank for Investors who lost money with shares of First Horizon Corporation (NYSE: FHN)

An investor, who purchased shares of First Horizon Corporation (NYSE: FHN), filed a lawsuit in the U.S. District Court for the District of New Jersey over alleged violations of Federal Securities Laws by Toronto-Dominion Bank ("TD Bank") and several of its officers.

Investors who purchased shares of First Horizon Corporation (NYSE: FHN) have certain options and for certain investors are short and strict deadlines running. Deadline: July 21, 2023. NYSE: FHN investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

On March 1, 2023, First Horizon Corporation revealed that Toronto-Dominion Bank ("TD Bank") had informed First Horizon Corporation that it did not expect "the necessary regulatory approvals will be received in time to complete the [business combination] by May 27, 2023."

Thereafter, on May 4, 2023, First Horizon Corporation and TD Bank issued a joint statement titled "TD Bank and First Horizon Mutually Agree to Terminate Merger Agreement," explaining that "TD informed First Horizon that TD does not have a timetable for regulatory approvals to be obtained for reasons unrelated to First Horizon." During a First Horizon Corporation investor call held that day, First Horizon Corporation further revealed that TD Bank "could not provide assurance of regulatory approval in 2023 or 2024."

Shares of First Horizon Corporation (NYSE: FHN) declined from $24.90 per share in February 2023 to as low as $8.99 per share on May 4, 2023.

The plaintiff claims that between February 28, 2022 and May 3, 2023, the defendants failed to disclose that TD Bank had deficient internal controls that posed a significant risk to the closing of the First Horizon transaction, that TD Bank allegedly suffered from grossly ineffective internal controls regarding anti-money-laundering practices and failed to appropriately report unusual transactions or suspicious activity to U.S. regulators, that indeed, according to a report published by The Wall Street Journal, in "recent years," TD Bank only "flagged 28 customer transactions" as suspicious, and that as a result, the Office of the Comptroller of the Currency and the U.S. Federal Reserve refused to approve the business combination within the necessary time frames.

Those who purchased shares of First Horizon Corporation (NYSE: FHN) have certain options and should contact the Shareholders Foundation.

Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

This release was published on openPR.