NEW YORK, May 12, 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 officials. The class action, filed in the U.S. District Court for the Eastern District of New York and filed number 23-cv-02501, is directed on behalf of a class consisting of all individuals and entities other than defendants, Signature Bank purchased or otherwise acquired securities between April 23, 2020 and March 12, 2023, both dates inclusive (the “Collection Period”), for the purpose of recovering 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 therein against the Bank and certain of its top officials.

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 petition the court to appoint lead plaintiff in the class action. A copy of the complaint is available at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at newaction@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll-free, direct line. 7980. Anyone inquiring by email will be asked to provide their postal address, telephone number and the number of shares purchased.

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The Complaint alleges that the Defendants made materially false and misleading statements about the Bank’s business, operations and prospects throughout the Class Period. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Signature Bank failed to recognize 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…