NEW YORK, July 17, 2022 (GLOBE NEWSWIRE) —
WHY: Rosen Law Firm, a global investor rights law firm, continues to investigate potential securities claims on behalf of shareholders of The Charles Schwab Corporation (NYSE: SCHW) arising from allegations that which Schwab may have provided misleading business information to the investing public.
AND SO: If you purchased Schwab securities, you may be entitled to compensation without payment of out-of-pocket expenses or costs through a contingency fee arrangement. The Rosen law firm is preparing a class action lawsuit to recover investors’ losses.
WHAT TO DO NEXT: To join the potential class action, go to https://rosenlegal.com/submit-form/?case_id=6945 or call Phillip Kim, Esq. toll free at 866-767-3653 or by email [email protected] Where [email protected] for more information on the class action.
WHAT IT’S ABOUT: On July 1, 2021, Schwab disclosed that the company had “responded to a U.S. Securities and Exchange Commission (SEC) investigation resulting from a compliance review.” The investigation primarily concerned “historical disclosures related to the Schwab Intelligent Portfolios® (SIP) digital advisory solution.” Schwab further disclosed that its “second quarter 2021 financial results will include a liability and related non-deductible charge of $200 million.”
On this news, Schwab’s stock price fell $0.77 per share, or about 1%, to close at $72.80 on July 2, 2021.
On June 13, 2022, the SEC announced that it “charged three affiliates of Charles Schwab investment advisers” who “agreed to pay injured clients $187 million to settle the charges.” The SEC accused Schwab of misleading investors who used its robo-advisor product, Schwab Intelligent Portfolios. Instead of the vaunted “disciplined portfolio construction methodology” that sought “optimal return[s]”, Schwab’s own data showed that under most market conditions, liquidity in wallets would cause clients to make less money even when taking on the same risk.”
On this news, Schwab’s stock price fell $1.98 per share, or about 3%, to close on June 13, 2022 at $60.24.
WHY ROSEN LAW: We encourage investors to select qualified lawyers with proven track records in leadership roles. Often, companies issuing reviews do not have comparable experience, resources, or significant peer recognition. Many of these companies do not bring securities class action lawsuits. Be wise in choosing lawyers. Rosen Law Firm represents investors worldwide, focusing its practice on securities class action and shareholder derivative litigation. Rosen Law Firm has reached the largest securities class action settlement against a Chinese company. Rosen Law Firm was ranked #1 by ISS Securities Class Action Services for the number of securities class action settlements in 2017. The firm has ranked in the top 4 every year since 2013 and has recovered hundreds of million dollars for investors. In 2019 alone, the company secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s lawyers have been recognized by Lawdragon and Super Lawyers.
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Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, Pennsylvania
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827