NEW YORK, Aug. 26, 2023 (GLOBE NEWSWIRE) — Pomerantz LLP is investigating claims on behalf of investors of Comerica Incorporated (“Comerica” or the “Company”) (NYSE: CMA). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether Comerica and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On May 29, 2023, citing a review of “internal documents,” American Banker published an article reporting that “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 discussed significant issues with i2c and Conduent Inc., two vendors to whom Comerica contracts out the day-to day operations of Direct Express, a federal government program which deposits “roughly $3 billion a month electronically on prepaid cards to millions federal government beneficiaries who do not have a bank account.” Among other issues, American Banker reported that the two vendors had significant issues with fraud prevention and reporting.
On this news, Comerica’s stock price fell $2.89 per share, or 7.41%, over the following two trading sessions, closing at $36.10 per share on May 31, 2023.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
Robert S. Willoughby
888-476-6529 ext. 7980