Stull, Stull & Brody Announces Class Action Against Raymond James Financial Inc. (NYSE: RJF) on Behalf of Purchasers of Auction Rate Securities

NEW YORK, NY -- (MARKET WIRE) -- 05/30/08 -- Attorney Advertising --Notice is hereby given that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of Auction Rate Securities from Raymond James Financial Inc., Raymond James & Associates, Inc., and Raymond James Financial Services, Inc. (collectively "Raymond James") (NYSE: RJF), between April 8, 2003 and February 13, 2008, inclusive (the "Class Period"), who continued to hold those securities as of February 13, 2008.

The complaint alleges that Raymond James violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by deceiving investors about the investment characteristics of Auction Rate Securities and the auction market in which those securities traded. As alleged in the complaint, Auction Rate Securities are either municipal or corporate debt securities or preferred stocks which pay interest at rates set at periodic "auctions" and generally have long-term maturities or no maturity dates. Raymond James offered and sold Auction Rate Securities to the public as highly liquid cash-management vehicles that are suitable alternatives to money market mutual funds. A decision of all major broker-dealers on February 13, 2008 to "withdraw their support" for the periodic auctions at which the interest rates paid on Auction Rate Securities are set is alleged to have impacted the ability of holders of Auction Rate Securities to liquidate their positions in these securities.

The complaint further alleges that Raymond James violated the Securities and Exchange Act of 1934 by failing to disclose that: (i) Auction Rate Securities were not cash alternatives, like money market funds, but were instead, complex, long-term financial instruments with 30-year maturity dates, or longer; (ii) Auction Rate Securities were only liquid at the time of sale because broker-dealers were artificially supporting and manipulating the auction rate market to maintain the appearance of liquidity and stability; (iii) broker-dealers routinely intervened in auctions for their own benefit, to set rates and prevent all-hold auctions and failed auctions; and (iv) Raymond James continued to market Auction Rate Securities as liquid investments after it had determined that broker-dealers were likely to withdraw their support for the periodic auctions and that a "freeze" of the market for auction rate securities would result.

If you purchased or otherwise acquired Auction Rate Securities from Raymond James between April 8, 2003 and February 13, 2008, and continued to hold such securities as of February 13, 2008, you may move the Court no later than June 9, 2008, and request that the Court appoint you as lead plaintiff. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. To be appointed lead plaintiff, the Court must decide that your claim is typical of the claims of other class members, and that you will adequately represent the class. Your ability to share in any recovery will not be affected by the decision whether or not to serve as a lead plaintiff. You may retain Stull, Stull & Brody, or other attorneys of your choice, to serve as your counsel in this action. Stull, Stull & Brody has litigated many class actions for violations of securities laws in federal courts over the past 30 years and has obtained court approval of substantial settlements on numerous occasions. Stull, Stull & Brody maintains offices in New York and Los Angeles.

If you wish to discuss this matter, or have any questions concerning your rights and interests with regard to this matter, please contact Tzivia Brody, Esq. at Stull, Stull & Brody, by e-mail to SSBNY@aol.com, by calling toll-free 1-800-337-4983, by fax to 1-212-490-2022, or by writing to Stull, Stull & Brody, 6 East 45th Street, New York, NY 10017. You can also visit our website at www.ssbny.com.

Attorney Advertising. Prior Results Do Not Guarantee A Similar Outcome.

Tzivia Brody, Esq Stull, Stull & Brody SSBNY@aol.com Toll-free 1-800-337-4983 Fax 1-212-490-2022 6 East 45th Street New York, NY 10017 www.ssbny.com

2008-05-30 16:45:42 0374021 MARKETWIRE