Robbins Geller Rudman & Dowd LLP Files Class Action Suit Against Bank of America Corporation

Robbins Geller Rudman & Dowd LLP (“Robbins Geller”) (http://www.rgrdlaw.com/cases/bofaaig/) today announced that a class action has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of Bank of America Corporation (“BofA”) (NYSE:BAC) common stock during the period between February 25, 2011 and August 5, 2011 (the “Class Period”).

If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from today. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff’s counsel, Samuel H. Rudman or David A. Rosenfeld of Robbins Geller at 800/449-4900 or 619/231-1058, or via e-mail at djr@rgrdlaw.com. If you are a member of this class, you can view a copy of the complaint as filed or join this class action online at http://www.rgrdlaw.com/cases/bofaaig/. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.

The complaint charges BofA and certain of its officers and directors with violations of the Securities Exchange Act of 1934. BofA is one of the largest financial institutions in the world.

The complaint alleges that during the Class Period, defendants misled investors by failing to disclose that BofA potentially owes American International Group, Inc. (“AIG”) over $10 billion. Specifically, defendants’ statements during the Class Period were materially false and misleading for failing to disclose that between 2005 and 2007, BofA and two companies that BofA acquired – Merrill Lynch & Co., Inc. (“Merrill Lynch”) and Countrywide Financial Corporation (“Countrywide”) – and their subsidiaries sold AIG over $28 billion in residential mortgage-backed securities (“RMBS”), and that as a result of these sales, AIG suffered losses in excess of $10 billion and BofA was potentially subject to suit for those losses. Throughout the Class Period, defendants repeatedly informed investors about the claims of other entities for their RMBS losses but not about the massive losses suffered by AIG.

Subsequently, on August 8, 2011, AIG filed suit against BofA in New York state court seeking to recover the losses it had suffered from the RMBS that BofA, Countrywide, and Merrill Lynch had sold it between 2005 and 2007. As a result, the price of BofA’s common stock dropped from a closing price of $8.17 per share on August 5, 2011 to $6.51 per share on August 8, 2011, a decline of more than 20% in one trading day.

Plaintiff seeks to recover damages on behalf of all purchasers of BofA common stock during the Class Period (the “Class”). The plaintiff is represented by Robbins Geller, which has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud.

Robbins Geller, a 180-lawyer firm with offices in San Diego, San Francisco, New York, Boca Raton, Washington, D.C., Philadelphia and Atlanta, is active in major litigations pending in federal and state courts throughout the United States and has taken a leading role in many important actions on behalf of defrauded investors, consumers, and companies, as well as victims of human rights violations. The Robbins Geller Web site (http://www.rgrdlaw.com) has more information about the firm.