Wolf Popper LLP Announces Filing of Class Action Lawsuit Against Bank of America - (BAC)

      

The facts underlying this action concern the Merger of Bank of America and Merrill Lynch, which closed on January 1, 2009. The complaint alleges that on January 16, 2009, Bank of America disclosed Merrill Lynch's preliminary 2008 fourth quarter loss of $15.3 billion. Merrill Lynch's fourth quarter 2008 "principal transactions" revenue was negative $13.1 billion, reflecting a net loss owing to write-downs, mark-to-market valuation declines and other losses on assets held in its trading portfolio. It is alleged that as a result of this massive loss Bank of America was compelled to seek additional funding and asset guarantees from the United States Treasury Department. Following these disclosures, Bank of America shares declined by 31% between January 14, 2009 and January 16, 2009.

The complaint charges that the Proxy Statement contained material misrepresentations and failed to disclose facts necessary to make the disclosures true. Specifically, defendants' misrepresentations and omissions include the failure to update, amend or correct the Proxy Statement to reflect, among other things, the risk or existence of Merrill Lynch's fourth quarter losses, prior to the December 5, 2008 vote by Bank of America shareholders to approve the Merger.

If you are a member of the Class, you may move the court no later than March 23, 2009, and request that the Court appoint you as lead plaintiff. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. To be appointed lead plaintiff, the Court must decide that your claim is typical of the claims of other class members, and that you will adequately represent the class.

Wolf Popper LLP has extensive experience representing shareholders in class actions and has successfully recovered billions of dollars for defrauded investors and shareholders. The reputation and expertise of the firm in shareholder and other class action litigation has been repeatedly recognized by the courts, which have appointed the firm to major positions in complex multi-district and consolidated litigations.

The firm's experience includes its representation of Mattel shareholders in similar claims under Section 14(a), where it was co-lead counsel with primary responsibility for the prosecution of those proxy statement claims. That action against Mattel resulted in what was believed to be the then largest settlement of a Section 14(a) case.

For more information or to pursue your right to be appointed lead plaintiff, please contact:

    Wolf Popper LLP
    James Harrod, Esq.
    845 Third Avenue
    New York, NY 10022
    Tel.: 212.759.4600 or 877.370.7703 (toll free)
    Fax: 212.486.2093 or 877.370.7704 (toll free)

Email: irrep@wolfpopper.com

website: www.wolfpopper.com

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SOURCE Wolf Popper LLP