NEW YORK, NY / ACCESSWIRE / November 14, 2020 / Pomerantz LLP is investigating claims on behalf of investors of JPMorgan Chase & Co. ("JPMorgan" or the "Company") (NYSE:JPM). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether JPMorgan and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On November 6, 2018, the U.S. Department of Justice ("DOJ") announced in a press release that former JPMorgan precious metals trader John Edmonds had pled guilty to commodities fraud and spoofing conspiracy-i.e., placing larger orders with no intention of executing, thereby creating an artificial impression of high demand or supply of the commodity in question. Then, on August 20, 2019, the DOJ announced that another JPMorgan employee, Christian Trunz, pled guilty to spoofing charges, admitting that he had learned to spoof from more senior traders and had engaged in spoofing with the knowledge and consent of his supervisors. On September 23, 2020, Bloomberg reported that the Company was nearing a settlement to resolve the spoofing charges, stating that JPMorgan was "poised to pay close to $1 billion." On this news, JPMorgan's stock price fell $2.04 per share, or 2.15%, to close at $92.74 per share on September 23, 2020. Finally, on September 29, 2020, the Commodity Futures Trading Commission formally announced that it had ordered JPMorgan to pay $920 million to settle spoofing and market manipulation charges.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
SOURCE: Pomerantz LLP