A securities class action has been filed against Raymond James Financial, Inc.

A securities class action has been filed against Raymond James Financial, Inc. (RJF) ("Raymond James") on behalf of securities purchasers from April 22, 2008 through April 14, 2009 (Class Period).

The Complaint alleges that defendants repeatedly touted its supposedly conservative management practices and avoidance of risky assets associated with subprime residential mortgages. Defendants, however, failed to disclose that RJF understated the credits risks of its wholly-owned subsidiary's commercial and residential loan portfolios, and failed to set aside adequate reserves for the losses that RJF knew, or recklessly disregarded, were forthcoming. On April 14, 2009, RJF shocked investors when it announced that results for the second fiscal quarter ended March 31, 2009, would be well below the consensus analysts' estimates. RJF also announced that both its commercial and residential portfolios would require higher loss reserves, with the loan loss provision tripling from the previous quarter. In response to such an unexpected sharp increase in loan loss provisions, investors sent RJF shares plummeting. RJF closed down $2.57 per share, or 13.48%, to close at $16.49 per share on April 15, 2009 on unusually high volume. Over the next few days, RJF's stock price traded as low as under $15 per share, well below its Class Period highs of over $38 per share.

Class Period: April 22, 2008 - April 14, 2009
Lead Plaintiff
Deadline: August 10, 2009
Date Filed: June 9, 2009
Court: USDC, New York (Southern District)
Please contact Scott+Scott LLP either via e-mail at scottlaw@scott-scott.com, call (800) 404-7770 or (860) 537-5537, or visit our website at www.scott-scott.com if you would like further information about this lawsuit.