First Horizon Corporation
|Company Name||First Horizon Corporation|
On March 1, 2023, First Horizon disclosed that TD Bank was unable to timely close a transaction to purchase First Horizon due to TD Bank’s inability to obtain the necessary regulatory approvals. On this news, First Horizon’s stock price fell $2.63, or 10.6%, to close at $22.14 per share on March 1, 2023, thereby injuring investors.
Then, on May 4, 2023, before the market opened, First Horizon and TD Bank announced that they had agreed to terminate the transaction, explaining that TD Bank did not “have a timetable for regulatory approvals to be obtained” and that there was “uncertainty as to when and if these regulatory approvals [could] be obtained.” On this news, First Horizon’s stock price fell $4.99, or 33.2%, to close at $10.06 per share on May 4, 2023, thereby injuring investors further.
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