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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