SOURCE: Izard Nobel LLP

October 22, 2010 18:11 ET

Izard Nobel LLP Announces Class Action Lawsuit Against Regions Financial Corporation

WEST HARTFORD, CT--(Marketwire - October 22, 2010) -  The law firm of Izard Nobel LLP, which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the Northern District of Alabama on behalf of purchasers of the common stock of Regions Financial Corporation ("Regions" or the "Company") (NYSE: RF) between February 27, 2008 and January 19, 2009, inclusive (the "Class Period"). 

The Complaint charges Regions and certain of its officers and directors with violations of federal securities laws. Specifically, the Complaint alleges that defendants made materially false statements concerning Regions' financial performance. According to the Complaint, the defendants concealed the following facts: (i) that the more than $6 billion in "goodwill" Regions carried on its books since the November 4, 2006 acquisition of AmSouth Corporation ("AmSouth") was grossly impaired and overstated; (ii) that subsequent to the AmSouth acquisition Regions had failed to properly test for and write down impaired goodwill, causing the Company's balance sheet and reported financial results to be artificially inflated; and (iii) that Regions was operating with woefully deficient internal controls, resulting in inaccurate financial disclosures in violation of Generally Accepted Accounting Principles.

On February 25, 2009, defendants acknowledged in their 2008 Form 10-K filing with the SEC that the deteriorating real estate market was the cause of these huge charges and that it had been a problem for the Company since at least 2007.

If you are a member of the class, you may, no later than December 20, 2010, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.

While Izard Nobel LLP has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, and your rights, visit:, or contact Izard Nobel LLP toll-free: (800) 797-5499, or by e-mail: For more information about class action cases in general, please visit our website:

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