updated 3/30/2011 11:15:37 PM ET 2011-03-31T03:15:37

NEW YORK, March 30, 2011 (GLOBE NEWSWIRE) -- Labaton Sucharow LLP filed a class action lawsuit on March 30, 2011 in the United States District Court for the Southern District of New York. The lawsuit was filed on behalf of purchasers of Bank of America Corporation ("BAC") securities between July 23, 2009 and October 19, 2010, inclusive (the "Class Period"). 

The action charges BAC and certain of its officers and directors with violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. In July 2008, BAC acquired Countrywide Financial Corporation, and, along with it, mortgages upon which BAC could not readily foreclose. The action alleges that BAC made false and misleading statements relating to BAC's exposure to several forms of risk, thereby artificially inflating the price of BAC's stock throughout the Class Period.    

If you are a member of this class you can view a copy of the complaint and join this class action online at http://www.labaton.com/en/cases/Newly-Filed-Cases.cfm.

If you purchased BAC securities during the Class Period, you may move to serve as Lead Plaintiff. Lead Plaintiff motion papers must be filed with the United States District Court for the Southern District of New York no later than April 4, 2011. A lead plaintiff is a court-appointed representative for absent Class members. You do not need to seek appointment as lead plaintiff to share in any Class recovery in this action. If you are a Class member and there is a recovery for the Class, you can share in that recovery as an absent Class member. You may retain counsel of your choice to represent you in this action.

If you would like to consider serving as lead plaintiff or have any questions about the lawsuit, you may contact one of our representatives or Rachel A. Avan, Esq. of Labaton Sucharow LLP, at 888-753-2796 or (212) 907-0700, or via email at ravan@labaton.com. 

Labaton Sucharow LLP, with offices in New York, New York and Wilmington, Delaware, is one of the country's premier law firms representing institutional investors in class action and complex securities litigation, as well as consumers and businesses in class actions seeking to recover damages for anticompetitive practices. The Firm has been a champion of investor and consumer rights for over 45 years, seeking recovery of current losses and necessary governance reforms to protect investors and consumers. Labaton Sucharow has been recognized for its excellence by the courts and its peers. More information about Labaton Sucharow is available at www.labaton.com.

CONTACT: Rachel A. Avan, Esq.
         Labaton Sucharow LLP
         (212) 907-0700

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