SOURCE: Izard Nobel LLP

November 19, 2010 15:35 ET

Izard Nobel LLP Announces Class Action Lawsuit Against Wilmington Trust Corporation

WEST HARTFORD, CT--(Marketwire - November 19, 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 District of Delaware on behalf of purchasers of the common stock of Wilmington Trust Corporation ("Wilmington" or the "Company") (NYSE: WL) between October 23, 2009 and November 1, 2010, inclusive (the "Class Period"). Also included are those who purchased in the Offering on or around February 22, 2010.

The Complaint charges that Wilmington and certain of its officers and directors violated federal securities laws by issuing materially false statements. Specifically, defendants failed to disclose: (i) that Wilmington improperly delayed recording loan charge offs; (ii) 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; (iii) that as a result, Wilmington's financial statements were materially false; (iv) that the Company's internal controls were materially deficient; and (v) that Wilmington was engaged in unsound banking practices.

On November 1, 2010, Wilmington announced it lost $365.3 million in the third quarter of 2010, primarily as a result of a $281.5 million charge to "reflect the increased risk in our loan portfolio" and a $100.7 million income tax charge due to continued losses and uncertainty about the reliability of Wilmington's deferred tax asset and deterioration in its loan portfolio.

If you are a member of the class, you may, no later than January 17, 2011, 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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