Case Details for "Colonial BancGroup "

Investigation launched on behalf of purchasers of Colonial BancGroup, Inc. securities (NYSE:CNB) between December 2, 2008 and January 27, 2009

The investigation focuses on the Company's disclosures concerning its participation in the Troubled Asset Relief Program or "TARP." On December 2, 2008, Colonial BancGroup announced that it had received preliminary approval for $550 million in funding from the U.S. Treasury Department. In response, the Company's common stock price skyrocketed, increasing more than 50% per share. Then, on January 27, 2009, the Company shocked investors by belatedly disclosing that the TARP funding was actually contingent upon it increasing its equity by $300 million. Upon this disclosure, Colonial BancGroup's stock price plummeted more than 45%.

If you have information relevant to the investigation, or if you believe you were harmed by the conduct described above, you may contact us.

Posted on:02/12/2009
Company: Colonial BancGroup
Affected Class: Purchasers of Colonial BancGroup, Inc. securities (NYSE:CNB) between December 2, 2008 and January 27, 2009
Scope: Nationwide

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