LEGAL GUIDES FOR INVESTORS
If you suffered losses in KeyCorp contact KeyCorp stock loss lawyer Timothy L. Miles about a KeyCorp lawsuit
The KeyCorp class action lawsuit seeks to represent purchasers or acquirers of KeyCorp (NYSE: KEY) securities between February 27, 2020 and June 9, 2023, inclusive (the “Class Period”). Captioned Gurevitch v. KeyCorp, No. 23-cv-01520 (N.D. Ohio), the KeyCorp class action lawsuit charges KeyCorp and certain of its top current and former executive officers with violations of the Securities Exchange Act of 1934.
If you suffered losses in KeyCorp stock and wish to serve as lead plaintiff in the KeyCorp class action lawsuit, please provide your information below. You can also contact KeyCorp Stock Loss Lawyer Timothy L. Miles by calling 855/846-6529 or via e-mail at [email protected].
Lead plaintiff motions for the KeyCorp class action lawsuit must be filed with the court no later than October 3, 2023.
Read on for answers to four frequently asked questions about the KeyCorp class action lawsuit.
what are the ALLEGATIONS IN THE KEYCORP CLASS ACTION LAWSUIT?
KeyCorp operates as the holding company for KeyBank National Association, which provides various retail and commercial banking products and services in the U.S. One of KeyCorp’s principal sources of revenue is net interest income (“NII”) which is the difference between interest income received on earnings assets and loan-related fee income, and interest expense paid on deposits and borrowing.
The KeyCorp class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) KeyCorp downplayed concerns with its liquidity while overstating the effectiveness of its long-term liquidity strategy; (ii) KeyCorp overstated its projected NII for the second quarter and full year of 2023, as well as related positive NII drivers, while downplaying negative NII drivers; (iii) as a result, KeyCorp was likely to negatively revise its previously issued NII guidance; and (iv) the above, once revealed, was likely to negatively impact KeyCorp’s business, financial results, and reputation.
On March 6, 2023, KeyCorp disclosed that it had downwardly revised its fiscal year 2023 guidance for NII, stating that it expects fiscal year 2023 NII to rise by 1% to 4% compared to fiscal year 2022, representing a significant reduction from KeyCorp’s prior guidance that fiscal year 2023 NII would rise 6% to 9% compared to fiscal year 2022. On this news, the price of KeyCorp stock declined more than 3%.
Then, on March 13, 2023, following the collapse of Silvergate Bank, Silicon Valley Bank, and Signature Bank, Odeon Capital Group LLC downgraded KeyCorp’s stock to hold from buy and BofA Global Research cut its price target on KeyCorp stock to $17 from $20. On this news, the price of KeyCorp stock declined more than 27%.
Thereafter, on June 12, 2023, KeyCorp’s Chief Financial Officer, defendant Clark H. I. Khayat, disclosed that KeyCorp’s anticipated second quarter 2023 NII to be softer than earlier expected “based on funding mix and deposit cost pressures.” On the same day, KeyCorp’s Chairman and Chief Executive Officer, defendant Christopher M. Gorman, disclosed that clients are demanding higher interest rates on their deposits, and that banks of KeyCorp’s size are likely facing higher capital and liquidity requirements by regulators. On this news, the price of KeyCorp stock declined more than 4%, further damaging investors who suffered losses in KeyCorp stock.
WHAT IS THE LEAD PLAINTIFF PROCESS IN THE KEYCORP CLASS ACTION LAWSUIT?
The Private Securities Litigation Reform Act of 1995 permits any investor who purchased and suffered losses in KeyCorp stock to seek appointment as lead plaintiff in the KeyCorp 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 class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the securities class action lawsuit. An investor’s ability to share in any potential future recovery of the class action lawsuit is not dependent upon serving as lead plaintiff. If you suffered losses in KeyCorp stock, and have further questions, contact KeyCorp stock loss Lawyer Timothy L. Miles today who will fight to recover your damages in a KeyCorp lawsuit if you suffered losses in KeyCorp stock.
IF I SUFFERED LOSSES IN KEYCORP STOCK, WHAT ARE THE BENEFITS OF SERVING AS LEAD PLAINTIFF IN THE KEYCORP CLASS ACTION LAWSUIT ?
Serving as a Lead Plaintiff in the KeyCorp class action lawsuit has several advantages and important benefits including:
Thus, there are numerous benefits to serving as lead plaintiff in the KeyCorp class action lawsuit if you suffered losses in KeyCorp stock.
HOW WAS THE CLASS PERIOD DETERMINED IN THE CLASS ACTION AGAINST KEYCORP?
In a securities fraud class action, the class period refers to a period of time in which it is alleged the price of the company’s stock was artificially inflated due to false and misleading statements made by company executives. The class period starts when the company makes an untrue statement of material fact about the company or fails to disclose a material fact necessary to render other statements not misleading. The class period ends when the truth is revealed to the investing public through a corrective disclosure.
In order to be a part of the class in the KeyCorp class action lawsuit, you must have suffered losses in KeyCorp stock by purchasing during the class period when it is alleged the price of the stock was artificially inflated to be included in the class action against KeyCorp.
CONTACT A KEYCORP STOCK LOSS LAWYER TODAY IF YOU SUFFERED IN LOSSES KEYCORP STOCK ABOUT A KEYCORP CLASS ACTION LOSSES LAWSUIT
If you suffered losses in KeyCorp stock, contact KeyCorp stock loss lawyer Timothy L. Miles today for a free case evaluation about a class action against KeyCorp. Call today and see what a KeyCorp stock loss lawyer can do for you if you suffered losses in KeyCorp stock.
Nashville attorney Timothy L. Miles is a nationally recognized shareholder rights attorney raised in Nashville, Tennessee. Mr. Miles has dedicated his career to representing shareholders, employees, and consumers in complex class-action litigation. Whether serving as lead, co-lead, or liaison counsel, Mr. Miles has helped recover hundreds of millions of dollars for defrauded investors,shaped precedent-setting decisions, and delivered real corporate governance reforms. Judges and peers have repeatedly recognized Mr. Miles’ relentless advocacy for the underdog, as well as his unbendable ethical standards. Mr. Miles was recently selected by Martindale-Hubbell® and ALM as a 2022 Top Ranked Lawyer, 2022 Top Rated Litigator. and a 2022 Elite Lawyer of the South. Mr. Miles also maintains the AV Preeminent Rating by Martindale-Hubbell®, their highest rating for both legal ability and ethics. Mr. Miles is a member of the prestigious Top 100 Civil Plaintiff Trial Lawyers: The National Trial Lawyers Association,Class Action: Class Action: Top 9National Trial Lawyers, National Trial Lawyers Association (2023), a superb ratedattorney by Avvo, a recipient of the Lifetime Achievement Award by Premier Lawyers of America (2019) and recognized as a Distinguished Lawyer, Recognizing Excellence in Securities Law, by Lawyers of Distinction (2019); a Top Rated Litigator by Martindale-Hubbell® and ALM (2019-2022); America’s Most Honored Lawyers 2020 – Top 1% by America’s Most Honored (2020-2022). Mr. Miles has published over sixty articles on various issues of the law, including class actions, whistleblower cases, products liability, civil procedure, derivative actions, corporate takeover litigation, corporate formation, mass torts, dangerous drugs, and more. Please visit our website or call for free anytime.
The Law Offices of Timothy L. Miles
Tapestry at Brentwood Town Center
300 Centerview Dr., #247
Brentwood, TN 37027
Phone: (855) 846-6529
Email: [email protected]
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