Summary
This is a proposed securities class action against The Toronto-Dominion Bank (“TD”) and certain of its directors and/or officers. This action arises out of misrepresentations made in TD’s disclosure documents and in public oral statements regarding deficiencies in TD’s anti-money laundering (“AML”) program.
Specifically, it is alleged that during the Class Period (February 25, 2021 to June 3, 2024, inclusive), the Defendants willfully misrepresented that TD had effective AML controls in place and complied with all applicable AML laws and regulations, and further omitted to disclose that TD had been used to launder vast sums of money for criminal organizations and that the bank was under investigation by the United States Department of Justice and other regulators for money laundering violations. This led investors to believe, among other things, that TD was abiding by all applicable AML laws and regulations and was on track to execute its U.S. growth strategy, which artificially inflated TD’s stock price.
It was revealed in a series of public disclosures that in fact, criminal organizations had utilized TD to launder hundreds of millions of dollars in illicit funds, including the proceeds of fentanyl trafficking, that TD’s AML program had significant deficiencies that had resulted in numerous criminal and regulatory investigations which were expected to result in large fines and other non-monetary penalties, and that these AML deficiencies put TD’s U.S. growth plans in significant jeopardy and would cost hundreds of millions of dollars to ameliorate. Upon the release of these revelations, TD’s stock price dropped materially on both the TSX and NYSE, thereby wiping out billions of dollars of market value for TD’s shareholders.
Class Membership Criteria
This class action is brought on behalf of:
all persons and entities, except certain “Excluded Persons”, who, during the period from February 25, 2021 to June 3, 2024 inclusive, acquired TD’s securities whether in a primary market offering or on any secondary market exchange wherever located, and who held some or all of those securities as of the open of trading on August 24, 2023, the close of trading on January 8, 2024, the close of trading on April 30, 2024, the close of trading on May 2, 2024, and/or after 11:33 a.m. ET on June 3, 2024.
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