Bank Of America ( NYSE: BAC) Investor Files Class Action On Behalf Of Certain BAC Investors Filed

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) January 24, 2009 -- It was expected that BoA’s silence on Merrill losses may prompt lawsuits, now one day later two investors have filed proposed class action lawsuits against Bank of America Corp. (NYSE: BAC) , Kenneth Lewis and John Thain, among others, in the United States District Court for the Southern District of New York, on behalf of all persons who owned shares of Bank of America on October 10, 2008, who were entitled to vote to approve the adoption of a merger agreement between Bank of America and Merrill Lynch & Co., Inc. pursuant to a Proxy Statement dated October 31, 2008.

If you owned shares of Bank of America on October 10, 2008, who were entitled to vote to approve the adoption of a merger agreement between Bank of America and Merrill Lynch & Co., Inc. pursuant to a Proxy Statement dated October 31, 2008, you have certain options and there are short and strict deadlines running (March 20, 2009). You should contact the Shareholders Foundation, Inc. immediately.


Email: Mail@ShareholdersFoundation.com

or Call us TODAY!

Phone: +1-(858)-779-1554

According to the complaint the plaintiff alleges claims for violations of Section 14(a) of the Securities Exchange Act of 1934. The facts underlying this action concern the Merger of Bank of America and Merrill Lynch, which closed on January 1, 2009. In Bank of America's January 1, 2009 announcement that the merger had closed, Kenneth Lewis, the chief executive of Bank of America, made no mention of the losses. Instead, he said the combined company -- faced with those losses and without a final commitment from the government to cover some of them -- was "uniquely positioned to win market share and expand our leadership position in markets around the world." The complaint alleges that on January 16, 2009, BoA disclosed Merrill Lynch's preliminary 2008 fourth quarter loss of $15.3 billion. Bank of America reported its first quarterly loss in 17 years on Friday and received a $20 billion U.S. government lifeline to help it absorb Merrill. Merrill Lynch's fourth quarter 2008 "principal transactions" revenue was negative $13.1 billion, reflecting a net loss owing to write-downs, mark-to-market valuation declines and other losses on assets held in its trading portfolio. It is alleged that as a result of this massive loss Bank of America was compelled to seek additional funding and asset guarantees from the United States Treasury Department.

Following these disclosures, BoA shares declined by 31% between January 14, 2009 and January 16, 2009. The complaint charges that the Proxy Statement contained material misrepresentations and failed to disclose facts necessary to make the disclosures true. Specifically, defendants' misrepresentations and omissions include the failure to update, amend or correct the Proxy Statement to reflect, among other things, the risk or existence of Merrill Lynch's fourth quarter losses, prior to the December 5, 2008 vote by BoA shareholders to approve the Merger

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