Investors can contact the law firm at no cost to learn more about recovering their losses
LOS ANGELES, April 26, 2023 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises First Republic Bank (“First Republic” or the “Company”) (NYSE: FRC) investors that a lawsuit filed on behalf of investors that purchased First Republic securities between January 14, 2021 and March 14, 2023, both dates inclusive (the “Class Period”).
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 844-767-8529 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case via www.portnoylaw.com. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
The class action complaint alleges that First Republic and its executives made false and/or misleading statements about the company's business and financial position, including misrepresenting its ability to withstand rising interest rates and generate consistent net interest income growth. The complaint cites the company's Q3 2022 financial results, which showed a slowdown in net interest income growth and a decrease in net interest margin. Following the collapse of SVB Financial Group, investors questioned First Republic's ability to remain solvent, leading to a significant drop in the company's stock price. Several analysts also downgraded their ratings of the company due to the risks of deposit outflows leading to increased funding costs. The complaint alleges that these factors were not adequately disclosed to investors, leading to significant losses.
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The Portnoy Law Firm represents investors in pursuing claims against caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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