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Ryan & Maniskas, LLP Announces Class Action Lawsuit Against Northern Trust Corporation

^{Published on 2010-09-10 17:40:43 - Market Wire}
 

WAYNE, Pa.--([ BUSINESS WIRE ])--Ryan & Maniskas, LLP ([ www.rmclasslaw.com/cases/ntrs ]) announces that a class action lawsuit has been filed in the United States District Court for the Northern District of Illinois on behalf of purchasers of Northern Trust Corporation (aNorthern Trusta) (NASDAQ: NTRS) common stock during the period between October 17, 2007 and October 20, 2009 (the aClass Perioda).

For more information regarding this class action suit, please contact Ryan & Maniskas, LLP (Richard A. Maniskas, Esquire) toll-free at (877) 316-3218 or by email at [ rmaniskas@rmclasslaw.com ] or visit: [ www.rmclasslaw.com/cases/ntrs ].

Northern Trust is a financial holding company that provides asset servicing, fund administration, investment management, banking and fiduciary solutions for corporations, institutions and affluent individuals worldwide. The complaint alleges that during the Class Period, defendants issued materially false and misleading statements regarding the Companya™s business and financial results and engaged in improper behavior that harmed Northern Trusta™s investors by failing to disclose the extent of its seriously delinquent commercial real estate loans and the true nature and risks associated with its once highly profitable securities lending program. As a result of defendantsa™ false statements, Northern Trusta™s stock traded at artificially inflated prices during the Class Period. Additionally and as a result of this, Company insiders sold over 1.5 million shares of their Northern Trust stock for proceeds of over $106.5 million.

Then, on October 21, 2009, before the market opened, Northern Trust reported its third quarter 2009 earnings results, announcing third quarter results that fell short of expectations due in part to a serious decline in the Companya™s securities lending program and to continuing pressure from its non-performing loans. On this news, Northern Trusta™s stock fell $3.29 per share to close at $54.16 per share on October 21, 2009.

If you are a member of the class, you may, no later than October 25, 2010, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Ryan & Maniskas, LLP or other counsel of your choice, to serve as your counsel in this action.

For more information about the case or to participate online, please visit: [ www.rmclasslaw.com/cases/ntrs ], or contact Richard A. Maniskas, Esquire toll-free at (877) 316-3218, or by e-mail at [ rmaniskas@rmclasslaw.com ]. For more information about class action cases in general or to learn more about Ryan & Maniskas, LLP, please visit our website: [ www.rmclasslaw.com ].