Press release
Investigation announced for Investors who lost money with shares of Comerica Incorporated (NYSE: CMA)
An investigation for investors in Comerica Incorporated (NYSE: CMA) shares over potential securities laws violations by Comerica.
Investors who purchased shares of Comerica Incorporated (NYSE: CMA), have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm focuses on whether a series of statements by Comerica Incorporated regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
Dallas, TX based Comerica Incorporated, through its subsidiaries, provides various financial products and services. Comerica Incorporated reported that its annual Total Revenue rose from over $2.96 billion in 2021 to over $3.53 billion in 2022, and that its Net Income declined from over $1.16 billion in 2021 to over $1.15 billion in 2022.
On May 30, 2023, American Banker issued an article titled "Comerica in 'serious violation' of Treasury's Direct Express program". The article states "Comerica Bank officials privately acknowledged significant compliance failures in their operation of a Treasury Department program that provides federal benefits on prepaid cards to millions of unbanked Americans."
The article further states that Comerica Incorporated executive said the bank faced "serious contract violation" for allowing fraud disputes and data on Direct Express cardholders to be handled out of a vendor's office in Lahore, Pakistan, the documents show.
Personally identifiable information on veterans, Social Security and disability recipients were routinely shared and handled by i2c Inc., a vendor based in Redwood City, Calif., with an office in Lahore, Pakistan - in violation of the government contract, the Comerica executive said. The Treasury's agreement with the bank states that all services provided "shall be performed in the United States or its territories."
Shares of Comerica Incorporated (NYSE: CMA) closed on June 16, 2023, at $41.64 per share.
Those who purchased shares of Comerica Incorporated (NYSE: CMA) 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.
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