This is a securities class action against Huntington Bancshares Incorporated on behalf of certain current and former shareholders of Huntington whose shares of stock in Waterfield Mortgage Company, Incorporated ('Waterfield') were converted into shares of stock in Sky Financial Group, Inc. ('Sky Financial') in connection with Sky Financial's October 2006 acquisition of Waterfield, and then converted into shares of stock in Huntington in connection with Huntington's July 2007 merger with Sky Financial.
The class action lawsuit alleges that Huntington, as successor in interest to Sky Financial. The class action complaint specifically alleges that Sky Financial mislead investors by omitting material information including its undisclosed lending relationship with a sub-prime residential mortgage company called Franklin Credit Management Corporation ('Franklin Credit'). Defendants falsely and misleadingly described Sky Financial as a company with a "conservative credit culture" and a "disciplined lending practice."
Defendants omitted any mention of Sky Financial's relationship with Franklin Credit, and falsely and misleadingly mischaracterized Sky Financial's $1.2 billion in loans to Franklin Credit as commercial loans rather than residential mortgage loans.
On November 16, 2007, Huntington made the first in a series of announcements of material information that was materially and qualitatively different from information that previously had been provided to the alleged plaintiff class.
Name (Stock Symbol)
Huntington Bancshares Incorporated (HBAN)
Huntington Bancshares Incorporated operates as the holding company for The Huntington National Bank that provides commercial and consumer financial products and services.
The information provided on ClassAdvocate.com is general in nature,
does not apply to any particular factual situation, and is not and
should not be taken as legal or other professional advice. We make no
commitment or warranty that the factual, legal or any other information
on ClassAdvocate.com, or on any linked website, is accurate, complete,
error-free, or current. As such, you should not rely on such information,
and should seek professional advice if and as you determine appropriate.
ClassAdvocate.com is not a lawyer referral service, and no attorney-client
or confidential relationship is or should be formed by use of the site.
The investigations listed on ClassAdvocate.com are attorney advertisements
and do not in any way constitute a referral or endorsement by ClassAdvocate.com
or any approved or authorized lawyer referral service.