The law firm of Izard Nobel LLP, which has significant experience
representing investors in prosecuting claims of securities fraud,
announces that a lawsuit seeking class action status has been filed in
the United States District Court for the Southern District of New York
on behalf of those who purchased the securities of Canadian Imperial
Bank of Commerce (“CIBC”
or the “Company”)
(NYSE: CM) on the New York Stock Exchange (“NYSE”),
and all U.S. purchasers of the securities of CIBC between May 31, 2007
and May 28, 2008, inclusive (the “Class Period”).
The Complaint charges that CIBC and certain of its officers and
directors violated federal securities laws. Specifically, defendants
failed to disclose that: (i) CIBC did not make timely disclosure of
material changes affecting the valuation of its investments in
collateralized debt obligations consisting of U.S. subprime mortgages;
(ii) CIBC's hedged subprime exposure was nearly four times larger than
its unhedged subprime exposure; and (iii) 35% of CIBC’s
hedged subprime exposure was entrusted with a substantially
undercapitalized financial guarantor.
On December 6, 2007, CIBC revealed that its write-downs had already
reached $1 billion, and warned of significantly higher losses related to
its $9.8 billion in hedged exposure to the subprime market. Then, On May
29, 2008 CIBC took a $2.51 billion loss related to its structured credit
activities.
If you are a member of the class, you may, no later than November 18,
2008, request that the Court appoint you as lead plaintiff of the class.
A lead plaintiff is a class member that acts on behalf of other class
members in directing the litigation. Although your ability to share in
any recovery is not affected by the decision whether or not to seek
appointment as a lead plaintiff, lead plaintiffs make important
decisions which could affect the overall recovery for class members.
While Izard Nobel LLP has not filed a lawsuit against the defendants, to
view a copy of the Complaint initiating the class action or for more
information about the case, class action cases in general, and your
rights, please contact Izard Nobel LLP toll-free at (800) 797-5499, or
by e-mail: firm@izardnobel.com,
or visit our website: www.izardnobel.com.
Izard Nobel LLP
Wayne T. Boulton or Nancy A. Kulesa, 800-797-5499
firm@izardnobel.com
www.izardnobel.com
