Finkelstein & Krinsk LLP Advise Investors To Act By July 13, 2012 To Seek Appointment As Lead Plaintiff In Class Action Lawsuit Against JPMorgan Chase & Co.

NEW YORK, May 18, 2012 /PRNewswire/ -- On May 16, 2012, FINKELSTEIN & KRINSK LLP and MURRAY FRANK LLP filed a class action in the United States District Court for the Southern District of New York on behalf of purchasers of JPMorgan Chase & Co. ("JPMorgan") (NYSE:JPM) common stock during the period between April 13, 2012 and May 10, 2012. The case number is 1:12-cv-03879.

Investors have 55 days, until July 13, 2012, to seek appointment as lead plaintiff in the case.  If you wish to discuss this action or have any questions concerning your rights or interests, please contact plaintiff's counsel, William R. Restis, Esq. of Finkelstein & Krinsk at 877-493-5366, or via e-mail at [email protected]. 

The lawsuit alleges that Defendants violated the Securities Exchange Act of 1934 by making false and misleading statements in the Company's April 13, 2012 earnings conference call with investors. The misstatements concerned the loss and risk of loss arising from massive bets on derivative contracts related to credit indexes for corporate bonds. Plaintiff Saratoga Advantage Trust alleges that instead of disclosing the extremely risky nature of JPMorgan's derivative bets, and the actual losses that the Company had incurred, Defendants falsely characterized the derivative positions as mere "hedging" strategies. Defendants misrepresented the derivative positions as hedges to imply that they posed no risk to the Company.  The lawsuit alleges this was false.

These derivative bets went horribly wrong. In JPMorgan's May 10, 2012 conference call, defendant Jamie Dimon disclosed "slightly more than $2 billion trading loss under synthetic credit positions." As a result of this disclosure, JPMorgan's common stock has fallen nearly 18%, losing more than $27 billion in market capitalization. Analysis by Plaintiff's counsel indicates that losses will increase.

Finkelstein & Krinsk is a national law firm representing institutional investors and consumers in complex class action cases. The firm is responsible for many landmark decisions, recovering billions of dollars in value for shareholders and consumers since 1987.

SOURCE Finkelstein & Krinsk LLP