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Robbins Geller Rudman & Dowd LLP Files Class Action Suit against Wilmington Trust Corporation

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^{Published in Business and Finance on Thursday, November 18th 2010 at 12:35 GMT by Market Wire}  

NEW YORK--([ BUSINESS WIRE ])--Robbins Geller Rudman & Dowd LLP (aRobbins Gellera) ([ http://www.rgrdlaw.com/cases/wilmington ]) today announced that a class action has been commenced on behalf of an institutional investor in the United States District Court for the District of Delaware on behalf of purchasers of the common stock of Wilmington Trust Corporation (aWilmingtona or the aCompanya) (NYSE: WL) between October 23, 2009 and November 1, 2010, inclusive (the aClass Perioda), seeking to pursue remedies under the Securities Exchange Act of 1934 (the aExchange Acta).

"reflect the increased risk in our loan portfolio"

If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from today. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiffa™s counsel, Samuel H. Rudman or David A. Rosenfeld of Robbins Geller at 800/449-4900 or 619/231-1058, or via e-mail at [ djr@rgrdlaw.com ]. If you are a member of this Class, you can view a copy of the complaint as filed or join this class action online at [ http://www.rgrdlaw.com/cases/wilmington ]. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.

The complaint charges Wilmington and certain of its officers and executives with violations of the Exchange Act. Wilmington is a financial holding company that is incorporated in the State of Delaware. The Company describes itself as a relationship management company that helps clients increase and preserve their wealth through a variety of deposit-taking, lending, fiduciary, trustee, financial planning, investment consulting, asset management, insurance, broker-dealer, and administrative services.

The complaint alleges that, throughout the Class Period, defendants issued materially false and misleading statements regarding the Companya™s business and financial results. Specifically, defendants failed to disclose: (i) that the Company improperly delayed recording loan charge offs; (ii) that the Companya™s reported income and asset quality were materially overstated due to defendantsa™ material understatement of Wilmingtona™s loan loss provisions, loan loss reserves and income tax expense; (iii) that as a result of the foregoing, the Companya™s financial statements were materially false and misleading and not fairly presented in conformity with Generally Accepted Accounting Principles; (iv) that the Companya™s internal and disclosure controls were materially deficient; (v) that the Company was engaged in unsafe and/or unsound banking practices; and (vi) that based on the foregoing, defendants lacked a reasonable basis for their positive statements about the Company, its prospects and growth.

On November 1, 2010, Wilmington announced it lost $365.3 million in the third quarter of 2010, the quarter ended September 30, 2010, primarily as a result of a $281.5 million charge to areflect the increased risk in our loan portfolioa and a $100.7 million income tax charge resulting from the Companya™s continued losses and the uncertainty about the reliability of Wilmingtona™s deferred tax asset due to the poor credit quality of it loan portfolio.

Plaintiff seeks to recover damages on behalf of all purchasers of Wilmington common stock during the Class Period (the aClassa). The plaintiff is represented by Robbins Geller, which has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud.

Robbins Geller, a 180-lawyer firm with offices in San Diego, San Francisco, New York, Boca Raton, Washington, D.C., Philadelphia and Atlanta, is active in major cases pending in federal and state courts throughout the United States and has taken a leading role in many important actions on behalf of defrauded investors, consumers, and companies, as well as victims of human rights violations. The Robbins Geller Web site ([ http://www.rgrdlaw.com ]) has more information about the firm.