NEW YORK, April 16, 2023 (GLOBE NEWSWIRE) — Pomerantz LLP is investigating claims on behalf of investors in Metropolitan Bank Holding Corp. (“MCB” or the “Company”) MCB. Those investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, extension 7980.
The investigation concerns whether the Metropolitan Bank and certain of its officers and/or directors have engaged in securities fraud or other illegal business practices.
[Click here for information about joining the class action]
On March 30, 2023, Vidar Research (“Vidar”) published a briefing report entitled “Metropolitan Commercial Bank is a mixed bag of problems”. Noting that the Metropolitan Commercial Bank is “the preferred issuer for crypto firms’ prepaid debit cards,” the Vidar report claimed that the Metropolitan Commercial Bank was “bleeding deposits,” questioned whether the bank was actually moving away from cryptocurrency (as she had announced). , and described its record as “shockingly comparable to the failed Signature Bank”. The Vidar report concluded that Metropolitan Commercial Bank “is a failed bank and will share the fate” of Signature Bank and Silicon Valley Bank.
As a result of this news, MCB’s stock price fell $9.66 per share, or 27.58%, to close at $25.36 per share on March 30, 2023.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris and Tel Aviv, is recognized as one of the leading law firms specializing in corporate, securities and antitrust litigation. Founded by the late Abraham L. Pomerantz, best known as Dean of the Class Bar Association, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues the tradition he founded and fights for the rights of victims of securities fraud, fiduciary breaches and corporate wrongdoing. The firm has recovered numerous multi-million dollar claims on behalf of group members. See www.pomlaw.com.
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