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BlackRock, Inc. (BLK) AG of Tennessee Lawsuit Against BlackRock Case
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- On December 18, 2023, the Attorney General of Tennessee filed a lawsuit against BlackRock (BLK) for false or misleading representations to Tennessee consumers.
- On it, $BLK fell 2.75%, losing $3.35B+ of shareholder value.
- Investors may have grounds to suspect BlackRock of making misleading statements, which led to their losses.
On December 18, 2023, the Attorney General of Tennessee filed a consumer protection lawsuit against BlackRock, alleging that Blackrock made false or misleading representations to current and potential Tennessee consumers about the extent to which Environmental, Social, and Governance (“ESG”) considerations affect BlackRock’s investment strategies.
- In a press release, the Attorney General stated that “BlackRock’s inconsistent statements about its investment strategies deprived consumers of the ability to make an informed choice.”
- The complaint against BlackRock addresses the Company’s use of corporate engagement and the voting of its shares to achieve various climate-related policy goals, seeking injunctive relief and civil penalties.
On this news, $BLK fell 2.75% and lost over $3.35 billion of its market capitalization, seriously damaging shareholders.
Considering all the information, investors might have grounds to suspect BlackRock of issuing misleading information regarding its investment strategies, which led to their losses.
The case is already under investigation by at least one of the reputable law firms.
Failure to Disclose,
Shock Event Date
18 December 2023