Will JPMorgan (JPM) Stock Slide on Peregrine Funds Suit?
NEW YORK (TheStreet) -- JPMorgan Chase (JPM) - Get Report stock closed up 0.55% to $64.04 this afternoon despite a lawsuit alleging that the company failed to stop executives at Peregrine Financial Group from stealing funds on deposit, Bloomberg reports.
The lawsuit was filed in the New York Federal Court on Friday.
Peregrine Financial Group was an Iowa-based commodities firm that filed for bankruptcy in 2012 after more than $200 million in customer funds were missing, according to Bloomberg.
This most recent lawsuit joins the company's other ongoing litigation, including a three-year SEC investigation into the New York bank's hiring processes in Asia which is close to settlement, the Wall Street Journal recently reported.
Separately, TheStreet Ratings rated this stock as a "buy" with a ratings score of A-.
The company's strengths can be seen in multiple areas, such as its revenue growth, expanding profit margins, growth in earnings per share and attractive valuation levels. We feel its strengths outweigh the fact that the company has had somewhat disappointing return on equity.
You can view the full analysis from the report here: JPM
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.