The complaint alleges that the statements contained in CIBC’s press releases, SEC filings, conference calls and presentations during the Class Period were materially false and misleading when made because they failed to disclose that: (i) the Company did not make timely disclosure of material changes affecting the valuation of its investments in collateralized debt obligations consisting of U.S. subprime mortgages, in violation of U.S. Generally Accepted Accounting Principles (“GAAP”); (ii) the Company’s hedged subprime exposure was nearly four times larger than its unhedged subprime exposure; and (iii) 35% of the Company’s hedged subprime exposure was entrusted with ACA Financial Guaranty Corp, a substantially undercapitalized financial guarantor.

On December 6, 2007, CIBC released fourth quarter results that stunned the banking community by revealing a surprisingly large exposure to the troubled U.S. housing market. CIBC said its write-downs had already reached $1 billion, and warned of significantly higher losses in the future related to its $9.8 billion in hedged exposure to the subprime mortgage and CDO market. Upon this announcement, shares fell 8.4% over the next two trading days, from $85.83 to $78.59. But it was not until May 29, 2008 that the Company’s full exposure to U.S. subprime mortgages was finally revealed. On that date, CIBC swung to a fiscal second-quarter loss as it took a $2.51 billion loss related to its structured credit activities, and analysts said the potential for more write-downs looms even though the bank has taken charges totaling approximately $6 billion in the past year.

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