NEW YORK, May 27, 2023 (GLOBE NEWSWIRE) — Pomerantz LLP is investigating claims on behalf of investors in First Republic Bank (“First Republic” or the “Company”) FRC. Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, extension 7980.
The investigation addresses whether First Republic 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 13, 2023, following the collapse of Silicon Valley Bank, Silvergate Bank, and Signature Bank, First Republic led to a wave of falling bank stock prices over liquidity concerns. Those concerns remained even after First Republic secured emergency funding. Raymond James downgraded shares of First Republic, writing: “Despite the additional sources of liquidity, we expect deposit balances to remain under pressure for the foreseeable future. Although we understand the bank received some deposit inflows during SVB’s bank run on Thursday, this adds additional panic among large depositors may have caused deposit balances to fall since Thursday.
As a result of this news, First Republic’s stock price fell $50.55 per share, or 61.83%, to close at $31.21 per share on March 13, 2023.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris and Tel Aviv, is recognized as one of the leading law firms specializing in corporate, securities and antitrust litigation. Pomerantz was founded by the late Abraham L. Pomerantz, Dean of the Class Bar Association, and 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 company has filed numerous multimillion-dollar claims on behalf of class members. See www.pomlaw.com.
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