NEW YORK, March 31, 2023 (GLOBE NEWSWIRE) — Pomerantz LLP announces that a class action lawsuit has been filed against Signature Bank (“Signature Bank” or the “Bank”) SBNY SBNYP))) and certain officers. The class action, filed in the U.S. District Court for the Eastern District of New York and Filed at 23-cv-02501, is brought on behalf of a class consisting of all persons and entities other than the defendants who purchased or otherwise acquired Signature Bank securities between April 23, 2020 and March 12, 2023, both dates inclusive (the “Collection Period”), to recover damages caused by the Defendants’ violations of the federal securities laws and remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder against the Bank and certain of its top officers.

If you are a shareholder who purchased or otherwise acquired Signature Bank securities during the class action period, you have until May 15, 2023 to ask the court to appoint you as lead plaintiff in the class action. A copy of the complaint is available at www.pomerantzlaw.com. To discuss this promotion, contact Robert S. Willoughby at newaction@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll-free, ext. 7980. Individuals inquiring by email are asked to provide their mailing address, telephone number and the number of shares purchased.

[Click here for information about joining the class action]

The lawsuit alleges that the defendants made materially false and misleading statements about the bank’s business, operations and prospects throughout the class period. In particular, Defendants have made false and/or misleading statements and/or failed to disclose that: (i) Signature Bank recognized the inherent volatility of digital assets (ie, cryptocurrency) related deposits; (ii) accordingly, the Bank had overstated the stability and/or sustainability of its deposit base; (iii) the degree of signature bank…