Investors Given Opportunity to Lead Securities Fraud Lawsuit Against Comerica Incorporated

Investors who have suffered substantial losses in their investments with Comerica Incorporated have been presented with an opportunity to lead a securities fraud class action lawsuit against the company. The Law Offices of Howard G. Smith has announced that investors can step forward as lead plaintiffs in the lawsuit, which covers the period from February 9, 2021, to May 29, 2023. The deadline for potential lead plaintiffs to come forward is October 20, 2023.

According to the complaint filed, the defendants, including Comerica, allegedly failed to disclose crucial information to investors during the class period. It is alleged that Comerica did not provide adequate oversight over the vendors responsible for the day-to-day operations of the Direct Express program. This program involves providing federal benefits on debit cards to millions of Americans without bank accounts.

The complaint further alleges that Comerica was not in compliance with the Federal Contract due to violations in the day-to-day operations of the Direct Express program. These violations include mishandling fraud disputes and allowing sensitive data to be handled outside of a vendor’s office in Pakistan. Additionally, it is claimed that Comerica was potentially in violation of Regulation E due to inadequate fraud prevention and responses to instances of fraud within the Direct Express program.

Investors who wish to learn more about this class action or have any questions regarding their rights and interests in the pending lawsuit are encouraged to contact Howard G. Smith, Esquire, of the Law Offices of Howard G. Smith. The contact details for the law firm can be found at the end of this press release.

It is important to note that investors do not need to take any immediate action to be a member of the class action. They may choose to retain counsel of their choice or take no action and remain an absent member of the class action.

Please be advised that this press release may be considered Attorney Advertising in some jurisdictions under applicable law and ethical rules.

For more information about this securities fraud lawsuit against Comerica Incorporated, please refer to the original press release from the Law Offices of Howard G. Smith.