An investigation was announced for investors in NYSE:TCB shares over potential securities laws violations by TCF Financial in connection certain financial statements.
Investors who purchased shares of TCF Financial Corporation (NYSE:TCB), have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 – 1554.
The investigation by a law firm focuses on whether certain statements by TCF Financial regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
Wayzata, MN based TCF Financial Corporation (TCF) is a bank holding company. TCF Financial Corporation reported that its Net Income rose from $151.67 million in 2013 to $212.12 million in 2016. Shares of TCF Financial Corporation (NYSE:TCB ) grew from $10.95 per share in February 2016 to as high as $19.91 per share in December 2016.
On January 19, 2017, the Consumer Financial Protection Bureau (“CFPB”) filed a lawsuit against TCF Financial Corporation’s principal subsidiary, TCF National Bank, alleging that TCF National Bank illegally “devised and then executed a strategy to persuade its customers to opt in” to costly overdraft protections that generated millions of dollars in revenue. The CFPB alleges that TCF National Bank designed its application process to obscure the fees and make overdraft seem mandatory for new customers to open an account. The CFPB also asserted that TCF National Bank adopted a loose definition of consent for existing customers in order to opt them into the service and pushed back on any customer who questioned the process.
On March 10, 2017, NYSE:TCB shares closed at $17.43 per share.
Those who purchased NYSE:TCB shares have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com