This lawsuit is for anyone who acquired securities in Comerica Incorporated (NYSE: CMA) from February 9, 2021 through May 29, 2023.
The lawsuit alleges that the Company and certain of its executives violated federal law. Specifically, the lawsuit alleges that, throughout the time period mentioned above, the Company misled investors regarding its financial condition. More specifically, the lawsuit alleges that the Company misled investors by telling investors that the Company complied with Treasury Department rules for administering the Direct Express program, a system through which the federal government provides federal benefits on debit cards to millions of Americans who lack without bank accounts, but then by failing to comply with those rules by handling fraud disputes and allowing sensitive data to be handled out of a vendor’s office in Pakistan.
On May 29, 2023, American Banker reported that it had obtained internal documents from Comerica showing officials privately acknowledging compliance failures related to the Company’s operation of a Treasury Department program that provides federal benefits on prepaid cards to millions of unbanked Americans. On this news, the price of the Company’s stock dropped precipitously on unusually heavy trading volume.
The Law Offices of Howard G. Smith seeks to recover damages on behalf of class members. If you acquired securities in Comerica Incorporated (NYSE: CMA) from February 9, 2021 through May 29, 2023 you may join the lawsuit by submitting your information online, or you may call the Law Offices of Howard G. Smith and speak to Mr. Smith directly to learn how he can protect your rights.
3070 Bristol Pike, Suite 112, Bensalem, PA 19020 
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hsmith@howardsmithlaw.com