NEW YORK, Feb. 18, 2023 (GLOBE NEWSWIRE) —
WHY: Rosen Law Firm, a global investor rights law firm, continues to investigate potential securities claims on behalf of shareholders of The Charles Schwab Corporation SCHW resulting from allegations that Schwab may have issued materially misleading business information to the investing public.
SO WHAT: If you purchased Schwab securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses.
WHAT TO DO NEXT: To join the prospective class action, go to https://ift.tt/8AK1Irn or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action.
WHAT IS THIS ABOUT: On July 1, 2021, 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.” The investigation primarily concerned “historic disclosures related to the Schwab Intelligent Portfolios® (SIP) digital advisory solution.” Schwab further disclosed its “second quarter 2021 financial results will include a liability and related non-deductible charge of $200 million.”
Then on June 13, 2022, the SEC announced that it “charged three Charles Schwab investment adviser subsidiaries” who “agreed to pay $187 million to harmed clients to settle the charges.” The SEC charged Schwab with misleading investors that used its robo-adviser product, Schwab Intelligent Portfolios. Instead of the touted “disciplined portfolio construction methodology” that sought “optimal return[s]”, 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, Schwab’s share price dropped $1.98 per share, or approximately 3%,…
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