Recent Security Class Actions

Comerica Incorporated Common Stock (NYSE: CMA)

Company Name:Comerica Incorporated Common Stock
Stock Symbol:NYSE: CMA
Class Period Start:01/07/2020
Class Period End (inclusive):05/29/2023
Filing Deadline:10/20/2023

According to the Complaint, Defendants made false and/or misleading statements and/or failed to disclose that: (1) Comerica failed to provide meaningful oversight over the vendors to whom it contracted out day-to-day operations of the Direct Express program, a system through which it is contracted to provide federal benefits on debit cards to millions of Americans without bank accounts; (2) as a result of violations in the day-to-day operations of Direct Express, including handling fraud disputes and allowing sensitive data to be handled out of a vendor’s office in Pakistan, Comerica was not in compliance with the Federal Contract, and knew it was not in compliance; (3) Comerica knew and failed to disclose that it was in potential violation of Regulation E due to inadequate fraud prevention in the Direct Express program and responses to instances of fraud, and; (4) as a result, Defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.