| Company: | Wilmington Trust Corporation |
| Ticker Symbol: | WL |
| Class Period: | Oct-23-09 to Nov-1-10 |
| Date Filed: | Nov-19-10 |
| Lead Plaintiff Deadline: | Jan-18-11 |
| Court: | District of Delaware |
| Allegations: | |
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 acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
