SOURCE: Brower Piven, A Professional Corporation

December 03, 2010 16:04 ET

Brower Piven Encourages Investors Who Have Losses in Excess of $250,000 From Investment in Wilmington Trust Corporation to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the January 18, 2011 Lead Plaintiff Deadline

STEVENSON, MD--(Marketwire - December 3, 2010) - Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the District of Delaware on behalf of all purchasers of the securities of Wilmington Trust Corporation ("Wilmington Trust" or the "Company") (NYSE: WL) who purchased or otherwise acquired Wilmington Trust securities between April 18, 2008 and October 29, 2010, inclusive (the "Class Period"), including purchasers of the securities issued pursuant and/or traceable to the Company's public offering on or about February 23, 2010.

No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than January 18, 2011 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff.

The Complaint charges Wilmington Trust and certain of its officers, directors, executives and underwriters with violations of the Securities Act of 1933 and the Securities Exchange Act of 1934 by virtue of the Company's failure to disclose during the Class Period that the Company improperly delayed recording loan charge offs such that the Company's reported income and asset quality were materially overstated due to Defendants' material understatement of Wilmington's loan loss provisions, loan loss reserves and income tax expense.

According to the complaint, on November 1, 2010, Wilmington announced it lost $365.3 million in the third quarter ending September 30, 2010, primarily as a result of a $281.5 million charge to reflect the increased risk in the Company's loan portfolio, and a $100.7 million income tax charge resulting from the Company's continued losses and the uncertainty about the reliability of Wilmington's deferred tax asset due to the poor credit quality of its loan portfolio, the value of Wilmington stock declined significantly.

If you have suffered a net loss for all transactions in Wilmington Trust Corporation securities during the Class Period (including shares or possibly calls purchased during, but not sold until after the end of the Class Period or possibly put options sold but not covered until after the end of the Class Period), you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at hoffman@browerpiven.com, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 50 years. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.

Contact Information

  • CONTACT:
    Charles J. Piven
    Brower Piven, A Professional Corporation
    Stevenson, Maryland
    410/415-6616
    Email Contact