On June 15, 2022, during trading hours and later updated after trading hours, CNBC published an article entitled “Sen. Warren asks bank regulator to reject TD’s $13.4 billion acquisition after customer-abuse report” which stated that “In a letter sent Tuesday to the Office of the Comptroller of the Currency obtained exclusively by CNBC, Warren cited a May 4 report by Capitol Forum … that alleged that TD used tactics similar to those in the Wells Fargo fake accounts scandal.” The article further stated that “[w]orkers were instructed to create four new accounts for each customer — checking, savings, online and a debit card — and opened accounts even if a consumer declined one of the options, according to the Capitol Forum report. That was one of several strategies cited by the news organization, including fabricating reasons such as fraud alerts to call consumers in the hope of convincing them to open more accounts, opening new accounts rather than simply replacing missing debit cards, and misstating key aspects of overdraft programs to encourage their adoption.”

On this news, TD’s stock price fell $2.37 per share, or 3.4%, over the next full trading day from its close on June 14, 2022, to close at $66.61 per share on June 16, 2022, damaging investors.