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SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Fulton Financial Corporation - FULT

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NEW YORK, Oct. 8, 2020 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of  Fulton Financial Corporation ("Fulton" or the "Company") (NASDAQ: FULT).  Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.

The investigation concerns whether Fulton and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. 

[Click here for information about joining the class action]

On March 1, 2019, Fulton disclosed that the U.S. Securities and Exchange Commission ("SEC") had launched an investigation regarding certain accounting determinations that could have impacted the Company's reported earnings per share.  Then, on September 28, 2020, the SEC announced that it had filed a settled action against Fulton, finding that the Company inaccurately presented its financial performance in 2016 and early 2017.  Specifically, during two quarters in which Fulton was on track to meet or beat analyst consensus earnings-per-share ("EPS") estimates, the SEC found that Fulton's public filings included a valuation allowance for its mortgage servicing rights that was at odds with the valuation methodology described in the same filings.  Then, in mid-2017, Fulton belatedly reversed the valuation allowance, increasing its EPS by a $0.01 in a quarter when it otherwise would have fallen short of consensus estimates.  As a result of this fraudulent earnings smoothing, the SEC found that Fulton created the misleading appearance of consistent earnings across multiple reporting periods. 

Following the SEC's announcement, Fulton's stock price fell $0.23 per share, or 2.43%, to close at $9.23 per share on September 29, 2020.

The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.

CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980

 

Cision View original content:http://www.prnewswire.com/news-releases/shareholder-alert-pomerantz-law-firm-investigates-claims-on-behalf-of-investors-of-fulton-financial-corporation---fult-301149084.html

SOURCE Pomerantz LLP

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