First Horizon Corporation Class Action Lawsuit - FHN

44 days left to seek lead plaintiff status

Case Summary

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The First Horizon class action lawsuit seeks to represent purchasers or acquirers of First Horizon Corporation (NYSE: FHN) securities between February 28, 2022 and May 3, 2023, inclusive (the “Class Period”).  Captioned The Arbitrage Fund v. The Toronto-Dominion Bank, No. 23-cv-02763 (D.N.J.), the First Horizon class action lawsuit charges The Toronto-Dominion Bank (“TD Bank”) and several of its top executives with violations of the Securities Exchange Act of 1934.

If you suffered substantial losses and wish to serve as lead plaintiff of the First Horizon class action lawsuit, please provide your information in the form on this page.  You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at jsanchez@rgrdlaw.com.  Lead plaintiff motions for the First Horizon class action lawsuit must be filed with the court no later than July 21, 2023.

CASE ALLEGATIONS: TD Bank is a Canadian multinational bank and financial service corporation.  On February 28, 2022, TD Bank announced that it had entered into an agreement to purchase First Horizon for $13.4 billion in cash.

The First Horizon class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that TD Bank had deficient internal controls that posed a significant risk to the closing of the First Horizon transaction.  Specifically, TD Bank 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.  As a result, the Office of the Comptroller of the Currency and the U.S. Federal Reserve refused to approve the First Horizon transaction within the necessary time frames.

On March 1, 2023, First Horizon announced that TD Bank was unable to timely close the transaction because TD Bank could not obtain the necessary regulatory approvals.  On this news, the price of First Horizon stock declined more than 10%.

Then, on May 4, 2023, First Horizon and TD Bank announced they had agreed to terminate the transaction.  Specifically, First Horizon and TD Bank stated that “TD informed First Horizon that TD does not have a timetable for regulatory approvals to be obtained . . . [and] [b]ecause there is uncertainty as to when and if these regulatory approvals can be obtained, the parties mutually agreed to terminate the merger agreement.”  On this news, the price of First Horizon stock declined more than 33%, further damaging investors. 

THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired First Horizon securities during the Class Period to seek appointment as lead plaintiff in the First Horizon class action lawsuit.  A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class.  A lead plaintiff acts on behalf of all other class members in directing the First Horizon class action lawsuit.  The lead plaintiff can select a law firm of its choice to litigate the First Horizon class action lawsuit.  An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the First Horizon class action lawsuit.

ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: Robbins Geller Rudman & Dowd LLP is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases.  The Firm is ranked #1 on the most recent ISS Securities Class Action Services Top 50 Report for recovering more than $1.75 billion for investors in 2022 – the third year in a row Robbins Geller tops the list.  And in those three years alone, Robbins Geller recovered nearly $5.3 billion for investors, more than double the amount recovered by any other plaintiffs’ firm.  With 200 lawyers in 9 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig.

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