NEW YORK, May 05, 2023 (GLOBE NEWSWIRE) — Pomerantz LLP is investigating claims on behalf of investors in First Republic Bank (“First Republic” or the “Company”) FRC. Those investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, extension 7980.
The investigation concerns 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 a wave of declining bank stock prices on liquidity concerns. Those concerns lingered even after First Republic secured emergency funding. Raymond James downgraded First Republic shares, writing: “Despite the additional sources of liquidity, we believe deposit balances will remain under pressure for the foreseeable future. While we believe the bank received some deposit inflows during Thursday’s bank run on SVB, additional panic among large depositors may have seen deposits drop 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. 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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