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FHN.US
id: 737, Created by Stan Vick Chase, Scout
First Horizon (FHN) & TD Bank (TD) Failed M&A Case
How it works?
- We find Attorney for the Case
- Attorney files case on behalf of Investors
- You get updates and receive payout in case of success
Would it cost me anything?
- No, you do not pay anything out of your pocket neither to us, nor to Attorney
- Attorneys get % fee in case of success
- Platform charges service fee from Attorneys
What are the chances for success?
Every Case is unique, but statistically, 47% of Cases end up with a settlement.
Please see below recent successful cases:
How it works?
- We find Attorney for the Case
- Attorney files case on behalf of Investors
- You get updates and receive payout in case of success
Would it cost me anything?
- No, you do not pay anything out of your pocket neither to us, nor to Attorney
- Attorneys get % fee in case of success
- Platform charges service fee from Attorneys
What are the chances for success?
Every Case is unique, but statistically, 47% of Cases end up with a settlement.
Please see below recent successful cases:
- First Horizon and TD Bank terminated the merger due to the inability of TD to provide regulatory approval.
- $FHN fell 33% and lost over $2 billion of its market cap, damaging shareholders.
- Investors suspect $TD of misleading on its ability to complete the deal.
On May 4, 2023, First Horizon (FHN) and TD Bank (TD) issued a joint press release titled “TD Bank and First Horizon Mutually Agree to Terminate Merger Agreement,” explaining that “TD informed First Horizon that TD does not have a timetable for regulatory approvals to be obtained for reasons unrelated to First Horizon.”
During a First Horizon investor call held that day, First Horizon further revealed that TD Bank “could not provide assurance of regulatory approval in 2023 or 2024.”
On this news, $FHN fell 33% and lost over $2 billion of its market capitalization, seriously damaging investors.
Earlier, on March 1, 2023, First Horizon revealed that TD Bank had informed First Horizon that it did not expect “the necessary regulatory approvals will be received in time to complete the business combination by May 27, 2023.” On this news, the price of First Horizon shares fell 10.6%.
Taking all facts into account, $FHN investors have reasons to suspect $TD of misleading about its ability to timely close a business combination with First Horizon, specifically:
- TD Bank had deficient internal controls that posed a significant risk to the closing of the First Horizon transaction.
- TD Bank allegedly suffered from grossly ineffective internal controls regarding anti-money-laundering practices and failed to appropriately report unusual transactions or suspicious activity to U.S. regulators. According to a report published by The Wall Street Journal, in “recent years,” TD Bank only “flagged 28 customer transactions” as suspicious. As a result, the Office of the Comptroller of the Currency and the U.S. Federal Reserve refused to approve the business combination within the necessary time frames.
Alleged Offence
Misleading Statements,
Failure to Disclose,
Omissions
Suspected Party
Directors,
Management,
Investment Bank,
Service Provider,
Other
Security Type
Stocks
Trade Direction
Long
Shock Event Date
04 May 2023
Case number
1:23-cv-02763
Filing date
22 May 2023
Class period Start
28 February 2022
Class period End
03 May 2023
Lead Plaintiff Deadline
21 May 2023
Court
District of New Jersey