A lawsuit was filed on behalf of investors in Signature Bank (NASDAQ:SBNY) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 04/04/2023 -- An investor, who purchased shares of Signature Bank (NASDAQ: SBNY), filed a lawsuit over alleged violations of Federal Securities Laws by Signature Bank in connection with certain allegedly false and misleading statements.
Investors who purchased shares of Signature Bank (NASDAQ: SBNY) should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
New York based Signature Bank provides commercial banking products and services.
On March 13, 2023, Federal Reserve Chairman Jerome Powell, Treasury Secretary Janet Yellen, and Federal Deposit Insurance Corporation ("FDIC") Chairman Martin Gruenberg released a joint statement which stated, in pertinent part, that in addition to taking steps to protect customers in the wake of Silicon Valley Bank's ("SVB") collapse, that they were "also announcing a similar systemic risk exception for Signature Bank, New York, New York, which was closed today by its state chartering authority. All depositors of this institution will be made whole."
As mentioned, the New York Department of Financial Services ("DFS") had taken possession of Signature Bank earlier in the day. DFS stated that it had taken possession of the bank to "protect depositors," and that "DFS is in close contact with all regulated entities in light of market events, monitoring market trends, and collaborating closely with other state and federal regulators to protect consumers, ensure the health of the entities we regulate, and preserve the stability of the global financial system."
The plaintiff claims that between March 2, 2023 and March 12, 2023, the defendants made false and/or misleading statements and/or failed to disclose, among other things, that Signature Bank did not have the strong fundamentals that it represented itself as having in the days immediately prior to its takeover, or otherwise took action that left it susceptible to a takeover by the New York Department of Financial Services ("DFS"), that as a result, it became a target for regulatory action by the DFS, and that as a result, Defendants' public statements were materially false and/or misleading at all relevant times.
Those who purchased shares of Signature Bank (NASDAQ: SBNY) have certain options and should contact the Shareholders Foundation.
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About The Shareholders Foundation
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.