The Securities Arbitration Law Firm of Klayman & Toskes (“K&T”),
, announced today that it is investigating potential claims on behalf of First BanCorp (NYSE: FBP), BankAtlantic Bancorp (NYSE: BBX), Synovus Financial (NYSE: SNV) and Jackson Hewitt Tax Service (NYSE: JTX) shareholders who held concentrated positions in these securities with full-service Wall Street brokerage firms. In 2009 alone, the price of the common stock for these companies declined over 70%. As a result, many shareholders of First BanCorp, BankAtlantic, Synovus and Jackson Hewitt who held concentrated positions in these securities sustained substantial losses.
Unfortunately, many First BanCorp, BankAtlantic, Synovus and Jackson Hewitt shareholders who held concentrated positions were never advised by their full-service brokerage firms of the risks associated with owning a concentrated account. Additionally, despite having a duty to do so, many firms failed to explain how the use of risk management strategies, like a zero-cost collar, protective put options, stop loss orders and/or an exchange fund, could have been utilized to protect the concentrated stock positions.
First BanCorp, BankAtlantic, Synovus and Jackson Hewitt shareholders who sustained investment losses as a result of holding a concentrated position can contact K&T to explore their legal rights and options. The attorneys at K&T are dedicated to pursuing claims on behalf of investors who have suffered investment losses. K&T, an experienced, qualified and nationally recognized securities litigation law firm, practices exclusively in the field of securities arbitration and litigation. It continues its representation of investors throughout the world in securities arbitration and litigation matters against major Wall Street brokerage firms.
If you wish to discuss this announcement or have investment losses of $500,000 or more in First BanCorp, BankAtlantic, Synovus or Jackson Hewitt stock, please contact Steven D. Toskes, Esquire or Jahan K. Manasseh, Esquire of Klayman & Toskes, P.A., at 888-997-9956 or visit us on the web at