Glancy Prongay & Murray LLP, a Leading Securities Fraud Law Firm, Announces Investigation of The Charles Schwab Corporation (SCHW) on Behalf of Investors
Glancy Prongay & Murray LLP ("GPM"), a leading national shareholder rights law firm, today announced that it has commenced an investigation on behalf of The Charles Schwab Corporation ("Charles Schwab" or the "Company") (NYSE: SCHW) investors concerning the Company's possible violations of the federal securities laws.
If you suffered a loss on your Charles Schwab investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at www.glancylaw.com/cases/the-charles-schwab-corporation/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at [email protected] to learn more about your rights.
On July 2, 2021, Charles Schwab disclosed that the Company had been "responding to an investigation" by the U.S. Securities and Exchange Commission ("SEC") "arising from a compliance examination" and that the investigation "largely concerns historic disclosures related to the Schwab Intelligent Portfolios digital advisory solution." The company warned that its second quarter 2021 financial results would include a liability and related non-deductible charge of $20 million.
On this news, Charles Schwab's stock fell $2.03, or 2.8%, to close at $70.77 per share on July 6, 2021, thereby injuring investors.
Then, on June 13, 2022, the SEC announced that it had charged Charles Schwab with misleading investors that used its robo-advisor product, Schwab Intelligent Portfolios. Instead of the "disciplined portfolio construction methodology" that sought "optimal return[s]", Charles Schwab's "own data showed that under most market conditions, the cash in the portfolios would cause clients to make less money even while taking on the same amount of risk."
On this news, Charles Schwab's stock fell $1.98, or 3.2%, to close at $60.24 per share on June 13, 2022, thereby inuring investors further.
Whistleblower Notice: Persons with non-public information regarding Charles Schwab should consider their options to aid the investigation or take advantage of the SEC Whistleblower Program. Under the program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Charles H. Linehan at 310-201-9150 or 888-773-9224 or email [email protected].
Glancy Prongay & Murray LLP is a premier law firm representing investors and consumers in securities litigation and other complex class action litigation. ISS Securities Class Action Services has consistently ranked GPM in its annual SCAS Top 50 Report. In 2018, GPM was ranked a top five law firm in number of securities class action settlements, and a top six law firm for total dollar size of settlements. With four offices across the country, GPM's nearly 40 attorneys have won groundbreaking rulings and recovered billions of dollars for investors and consumers in securities, antitrust, consumer, and employment class actions. GPM's lawyers have handled cases covering a wide spectrum of corporate misconduct including cases involving financial restatements, internal control weaknesses, earnings management, fraudulent earnings guidance and forward looking statements, auditor misconduct, insider trading, violations of FDA regulations, actions resulting in FDA and DOJ investigations, and many other forms of corporate misconduct. GPM's attorneys have worked on securities cases relating to nearly all industries and sectors in the financial markets, including energy, consumer discretionary, consumer staples, real estate and REITs, financial, insurance, information technology, health care, biotech, cryptocurrency, medical devices, and many more. GPM's past successes have been widely covered by leading news and industry publications such as The Wall Street Journal, The Financial Times, Bloomberg Businessweek, Reuters, the Associated Press, Barron's, Investor's Business Daily, Forbes, and Money.
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