The
investigation seeks to determine whether JPMorgan issued materially false and
misleading statements regarding certain securities trading by the Company's
Chief Investment Office ("CIO"). Specifically, whether JPMorgan
misrepresented and/or failed to disclose that the CIO had engaged in extremely
risky and speculative trades that exposed JPMorgan to significant losses.
On May 10,
2012, JPMorgan filed its Form 10-Q for the quarter ended March 31, 2012, with
the SEC. After the market closed, JPMorgan held a conference call with analysts
and investors to discuss the Form 10-Q, in which the Company revealed that it
had sustained a multi-billion dollar trading loss. In response to this
disclosure, the price of JPMorgan stock declined from $40.74 per share to
$36.96 per share on extremely heavy trading volume.
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