A lawsuit was filed on behalf of investors in Metro Bank PLC (OTC: MBNKF) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 06/12/2019 -- An investor, who purchased shares of Metro Bank PLC (OTC: MBNKF), filed a lawsuit over alleged violations of Federal Securities Laws by Metro Bank PLC.
Investors who purchased shares of Metro Bank PLC (OTC: MBNKF) have certain options and for certain investors are short and strict deadlines running. Deadline: July 29, 2019. OTC: MBNKF investors should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
On May 1, 2019, Metro Bank disclosed that in January 2019, it uncovered an accounting error that resulted in "adverse sentiment" towards the Company amongst its customers. This error led to the loss of a "small number of large commercial and partnership customers." The loss of these customers resulted in a drop in profits for the first quarter of 2019.
Shares of Metro Bank PLC (OTC: MBNKF) declined from $57.36 per share in March 2018 to as low as $.699 per share on May 10, 2019.
The plaintiff claims that between March 6, 2018 through May 1, 2019, the defendants made false and/or misleading statements and/or failed to disclose that Metro Bank misclassified the risk terms of many of its loans, that accordingly, Metro Bank failed to maintain sufficient capital, that this conduct would lead to investigations by the Prudential Regulation Authority and Financial Conduct Authority, that this conduct would also lead to the reduction of deposits at Metro Bank from larger commercial and partnership clients, and that as a result, defendants' public statements were materially false and/or misleading at all relevant times.
Those who purchased shares of Metro Bank PLC (OTC: MBNKF) have certain options and should contact the Shareholders Foundation.
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