NEW YORK, May 19, 2023 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, reminds investors that a class action lawsuit has been filed against First Republic Bank (“First Republic” or the “Company”) (NYSE: FRC) in the United States District Court for the Northern District of California on behalf of all persons and entities who purchased or otherwise acquired First Republic securities between January 14, 2021 and March 14, 2023, both dates inclusive (the “Class Period”). Investors have until June 23, 2023 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
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According to the lawsuit, defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, defendants: (1) misrepresented the strength of the Company’s balance sheet and liquidity position; (2) understated the significant pressure rising interest rates posed to First Republic’s business model; (3) misrepresented the strength of the Company’s ability to deliver consistent results across different interest rate environments; (4) misrepresented the diversity of the Company’s deposit funding base; and (5) misrepresented the Company’s ability to generate NII growth and maintain stable NIM. When the true details entered the market, the lawsuit claims that investors suffered damages.
If you purchased or otherwise acquired First Republic shares and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Melissa Fortunato by email at firstname.lastname@example.org, telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
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Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.