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NEW YORK, October 26, 2020 (GLOBE NEWSWIRE) – Bragar Eagel & Squire, PC, a nationally recognized shareholder rights law firm, announces that a class action lawsuit has been filed in the United States District Court for the Eastern District of New York on behalf of investors who purchased JPMorgan Chase & Co. (NYSE: JPM) securities between 23 February 2016 and 23 September 2020 (the “Class Period”). Investors have until December 23, 2020 to apply to the court to be named lead plaintiff in the lawsuit.
Click here to join the action.
On November 6, 2018, the Department of Justice announced in a press release that former JPMorgan precious metals trader John Edmonds has pleaded guilty to commodity fraud and a spoofing conspiracy.
On August 20, 2019, the Justice Department announced that another JPMorgan employee, Christian Trunz, pleaded guilty to spoofing charges, and had done so with the knowledge and consent of his supervisors.
On 23 September 2020, Bloomberg reported that the Company was nearing an agreement to resolve the spoofing allegations.
Based on this news, JPMorgan’s shares fell $ 2.04 per share, or 2%, to close at $ 92.74 per share on September 23, 2020.
On September 29, 2020, the Commodity Futures Trading Commission (“CFTC”) formally announced that it had ordered JPMorgan to pay $ 920 million to settle the spoofing and manipulation charges. Under the order, the Company failed to monitor its employees and ignored several red flags. The Company has also provided the CFTC with misleading information.
The complaint, filed on October 24, 2020, states that throughout the lecture period the defendants made false and / or misleading statements and / or did not disclose that: (1) the Company’s merchants, with the knowledge and consent of the their superiors manipulated the precious metals market by “spoofing” or placing false orders to generate the appearance of market demand; (2) the Company did not have sufficient compliance controls and protocols to enable it to identify and stop misconduct; (3) the Company’s profits in the physical commodity market were, at least in part, illegal; (4) such conduct would involve enhanced regulatory oversight; (5) the Company provided misleading information to CFTC investigators in the early stages of the investigation into misconduct; (6) termination of the government investigation of the Company would result in a record $ 920 million fine; and (7) as a result, defendants’ statements about its business, operations and prospects were materially false and misleading and / or lacked a reasonable basis at all relevant times.
If you have purchased JPMorgan securities during the Class Period and have suffered a loss, are a long-term shareholder, have information, would like to know more about these complaints or have questions regarding this announcement or your rights or interests in relation to these matters, contact Brandon Walker, Melissa Fortunato or Marion Passmore by email at [email protected], telephone at (212) 355-4648, or from by filling out this contact form. There are no costs or obligations for you.
Of Bragar Eagel & Squire, PC:
Bragar Eagel & Squire, PC is a nationally recognized law firm with offices in New York and California. The firm represents individual and institutional investors in commercial litigation, securities, derivatives and other complex litigation in state and federal courts across the country. For more information about the company, visit www.bespc.com. Attorney advertisement. Previous results do not guarantee similar results.
Contact information:
Bragar Eagel & Squire, PC
Brandon Walker, Esq.
Melissa Fortunato, Esq.
Marion Passmore, Esq.
(212) 355-4648
[email protected]
www.bespc.com
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