Have you lost money investing in First Republic? If yes, please visit us Class action lawsuit filed by shareholders of First Republic Bank or contact Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com to discuss your rights.

NEW YORK, April 25, 2023 (GLOBE NEWSWIRE) — Bernstein Liebhard LLP announces that on behalf of investors who have purchased or acquired the securities of First Republic Bank (“First Republic” or the “Company”), a security – Class action lawsuit has been filed. ) FRC between January 14, 2021 and March 14, 2023, inclusive (the “Class Period”). The lawsuit was filed in the United States District Court for the Northern District of California alleging violations of the Securities Exchange Act of 1934.

First Republic is a state-licensed bank and trust company in California offering private banking, private business banking and private wealth management. During the class period, First Republic and its executives repeatedly touted the company’s “safe and sound” business model and assured investors that First Republic — particularly given its alleged “diversified deposit base” — is strongly positioned to weather a variety of economic conditions , and downplayed the risks that rising interest rates pose to the company’s net interest income (“NII”) and net interest margin (“NIM”). These were both critical financial metrics that calculated the income from the company’s interest-bearing assets and the value of the company’s mortgage loan portfolio.

On October 14, 2022, the Company announced disappointing third quarter 2022 financial results and reported that First Republic’s NII growth increased to 20.6% year-on-year (vs. 24.1% year-on-year growth in the previous quarter) and its NIM had fallen to 2.71% (from 2.80% in the previous quarter). First Republic attributed the decline in the company’s NIM to “average funding costs increasing faster than the offsetting increase in average yields on interest-bearing assets.”

On this…