SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of First Republic Bank - FRC

NEW YORK, March 20, 2023 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of First Republic Bank (“First Republic” or the “Company”) (NYSE: FRC).

Metadata
Provider: 
GlobeNewswire, Inc.GlobeNewswire, Inc.
Retrieved on: 
Monday, March 20, 2023
Information
Tags: 
Panic, Pressure, LLP, First Republic, Silicon Valley Bank, Silicon, SVB, Pomerantz, First Republic Bank, Signature Bank, News, NYSE, Silvergate Bank, Cryptocurrency
Geotags: 
NEW YORK, NY, US, LONDON, LOS ANGELES, CHICAGO, PARIS, TEL AVIV
⚠ partially generated by AI ↴
Organisation: 
POMERANTZ, POMERANTZ LLP, FIRST REPUBLIC BANK
Stock Symbol: 
NYSE:FRC
Summary
Key Points: 
  • NEW YORK, March 20, 2023 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of First Republic Bank (“First Republic” or the “Company”) (NYSE: FRC).
  • The investigation concerns whether First Republic and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
  • On March 13, 2023, following the collapse of Silicon Valley Bank, Silvergate Bank, and Signature Bank, First Republic led a wave of declining bank share prices, based on liquidity concerns.
  • Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions.



NEW YORK, March 20, 2023 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of First Republic Bank (“First Republic” or the “Company”) (NYSE: FRC).   Such investors are advised to contact Robert S. Willoughby at  [email protected] or 888-476-6529, ext. 7980.

The investigation concerns whether First Republic and certain of its officers and/or directors have engaged in securities fraud or other unlawful 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 share prices, based on liquidity concerns.  These concerns persisted even after First Republic secured emergency funding.  Downgrading First Republic’s shares, Raymond James wrote: “Despite the added liquidity sources, we believe deposit balances will remain under pressure in the immediate near term.  While we believe the bank received some deposit inflows on Thursday during the bank run at SVB, additional panic among large depositors may have driven deposit balances lower since Thursday.” 

On 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 acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.

CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]
888-476-6529 ext. 7980
Copyright: 
2023 GlobeNewswire, Inc.. All Rights Reserved.