NEW YORK, May 16, 2012 /PRNewswire via COMTEX/ -- FINKELSTEIN & KRINSK LLP ("Finkelstein & Krinsk") and MURRAY FRANK LLP announced today that a class action has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of JPMorgan Chase & Co. ("JPMorgan") /quotes/zigman/272085/quotes/nls/jpm JPM -2.15% common stock during the period between April 13, 2012 and May 10, 2012 (the "Class Period"). The case number is 1:12-cv-03879.
If you wish to serve as lead plaintiff, you must move the Court no later than July 13, 2012. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, or to join this class action, please contact plaintiff's counsel, William R. Restis, Esq. of Finkelstein & Krinsk at 877-493-5366 or 619-238-1333, or via e-mail at firstname.lastname@example.org. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
The complaint alleges violations of the Securities Exchange Act of 1934 (the "Exchange Act") that occurred when the Defendants issued materially false and misleading statements regarding the losses and risk of loss to the Company arising from massive bets on derivative contracts related to credit indexes reflecting interest rates on corporate bonds. These derivative bets went horribly wrong, resulting in billions of dollars in lost capital for the Company and billions more in lost market capitalization for JPMorgan shareholders.