The law firm of Kirby McInerney LLP is investigating potential claims against Comerica, Inc. (“Comerica” or the “Company”) (NYSE: CMA). The investigation concerns whether Comerica and/or certain of its officers have violated the federal securities laws and/or engaged in other unlawful business practices.
Comerica Incorporated is the holding company for business, individual, and investment banks with operations in the United States, Canada, and Mexico.
On May 29, 2023, citing a review of “internal documents,” American Banker reported that “Comerica Bank officials privately acknowledged significant compliance failures in their operation of a Treasury Department program that provides federal benefits on prepaid cards to millions of unbanked Americans[.]” American Banker stated that “[a] Comerica executive said the Dallas bank faced a ‘serious contract violation’ for allowing fraud disputes and data on Direct Express and cardholders to be handled out of a vendor’s office in Lahore, Pakistan[.]” On this news, the price of Comerica shares declined by $1.40 per share, or approximately 3.59%, from $38.99 per share to close at $37.59 on May 30, 2023.
If you purchased or otherwise acquired Comerica securities, have information, or would like to learn more about this investigation, please contact Thomas W. Elrod of Kirby McInerney LLP by email at firstname.lastname@example.org, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website: http://www.kmllp.com.
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