N@N

The Briscoe Law Firm Investigates Bank of America Corporation on Behalf of Shareholders for Possible Breaches of Fiduciary Duti

^{Published on 2011-02-08 13:10:41 - Market Wire}
 

DALLAS--([ BUSINESS WIRE ])--[ The Briscoe Law Firm, PLLC ], founded by a former state prosecutor and enforcement attorney for the United States Securities and Exchange Commission, and the securities litigation firm of [ Powers Taylor, LLP ] are investigating potential legal claims against the Officers and Board of Directors of Bank of America Corporation (aBank of Americaa or aBACa) (NYSE: BAC) during the period of January 20, 2010 through October 19, 2010 (the aClass Perioda).

It has been alleged in a recently-filed lawsuit that during the Class Period, Bank of America and certain of its officers and directors made materially false and misleading statements related to the company's business and operations in violation of the Securities Exchange Act of 1934. Specifically, it is alleged that defendants concealed defects in the recording of mortgages and improprieties with respect to the preparation of foreclosure paperwork. Moreover, it has been alleged that Bank of America had to temporarily discontinue foreclosures and admit to the problems it was experiencing. For much of the Class Period, defendants also allegedly concealed that Bank of America had previously engaged in a practice known as adollar rolling,a wherein it omitted billions of dollars in debt from its balance sheet reported to the public. As a result of defendantsa™ false statements, Bank of Americaa™s stock traded at artificially inflated prices during the Class Period, reaching a high of $19.48 per share on April 15, 2010.

As alleged in the complaint, the true facts, which were known by the defendants but concealed from the investing public during the Class Period, were as follows: (a) Bank of America did not have adequate personnel to process the huge numbers of foreclosed loans in its portfolio; (b) Bank of America had not properly recorded many of its mortgages when originated or acquired, which would severely complicate the foreclosure process if it became necessary; (c) defendants failed to maintain proper internal controls related to processing of foreclosures; (d) Bank of Americaa™s failure to properly process both mortgages and foreclosures would impair the ability of Bank of America to dispose of bad loans; and (e) Bank of America had engaged in a practice known internally as adollar rollinga to remove billions of dollars of debt from its balance sheet over the prior years.

If you currently own or purchased BAC shares and would like additional information regarding this investigation or if you have information regarding the allegations against the company, please contact Patrick Powers at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at [ patrick@powerstaylor.com ], or Willie Briscoe at The Briscoe Law Firm, PLLC toll free (877) 397-5991, or via email at [ WBriscoe@TheBriscoeLawFirm.com ]. There is no cost or fee to you.

The Briscoe Law Firm is a full service business litigation, commercial transaction, and public advocacy firm with more than 20 years of experience in complex litigation and transactional matters.

Powers Taylor, LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.