The complaint said that the firm purchased the dangerous common stock during the period between 13 April 2012 and 11 May 2012 (the Class Period).
The plaintiff also accused JP Morgan and certain of its officers and directors with violations of the Securities Exchange Act of 1934.
The case also states that during the Class Period, Defendants issued materially false and misleading statements regarding certain securities trading by the Company’s Chief Investment Office (CIO).
Specifically, Defendants misrepresented and/or failed to disclose that the CIO had engaged in extremely risky and speculative trades which plunged the US based JPMorgan into huge losses.
The complaint wants to recover damages from JPMorgan common stock during the Class Period.
