SAN DIEGO, March 01, 2024 (GLOBE NEWSWIRE) -- Johnson Fistel, LLP notifies investors of New York Community Bancorp, Inc. (“NYCB” or the “Company”) (NYSE: NYCB) that a securities class action lawsuit has been filed.
The New York Community Bancorp class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) the Signature Bank acquisition would not be immediately accretive to New York Community Bancorp because it caused New York Community Bancorp to be required to comply with materially enhanced prudential standards, including, among other things, risk-based and leverage capital requirements, and liquidity standards, and required that New York Community Bancorp build capital, reinforce its balance sheet and strengthen its risk management processes; (ii) New York Community Bancorp failed to comply with the materially enhanced prudential standards; (iii) New York Community Bancorp overstated the quality of its commercial office loan assets; (iv) New York Community Bancorp was experiencing higher net charge-offs and deterioration in its commercial office portfolio than represented; (v) New York Community Bancorp was reasonably likely to incur higher loan losses because it was experiencing higher net charge-offs and deterioration in its commercial office portfolio; (vi) New York Community Bancorp was reasonably likely to be forced to increase its allowance for credit losses due to its status as Category IV bank; (vii) New York Community Bancorp's loan loss provisions were understated so it overstated quarterly earnings and/or understated quarterly losses; and (viii) New York Community Bancorp failed to have adequate internal risk or disclosure controls and procedures. The lawsuit seeks to recover losses on behalf of investors who acquired securities between March 1, 2023 and February 5, 2024. Investors have until April 8, 2024, to apply to the Court to be appointed as lead plaintiff in the lawsuit.
On February 29, 2024, after the class action case was filed, NYCB disclosed in a regulatory filing its management "identified material weaknesses in the Company's internal controls related to internal loan review." The bank blamed the problems on "ineffective oversight, risk assessment and monitoring activities."
What can Investors Do: Shareholders who incurred losses during the class period have until April 8, 2024, to move the court to become the lead plaintiff in this action. A lead plaintiff will act on behalf of all other class members in directing the class-action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the class-action lawsuit. An investor’s ability to share any potential future recovery of the class action lawsuit is not dependent upon serving as lead plaintiff.
If you suffered substantial losses and wish to serve as lead plaintiff of the New York Community Bancorp class action lawsuit, please provide your information here:
https://www.cognitoforms.com/JohnsonFistel/NewYorkCommunityBancorpInc2
There is no cost or obligation to you.
What can Investors Do: Shareholders who incurred losses during the class period have until April 8, 2024, to move the court to become a lead plaintiff in this action. A lead plaintiff will act on behalf of all other class members in directing the class-action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the class-action lawsuit. An investor's ability to share any potential future recovery of the class action lawsuit is not dependent upon serving as lead plaintiff.
About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York, Georgia, and Colorado. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonfistel.com.
Attorney advertising.
Past results do not guarantee future outcomes.
Services may be performed by attorneys in any of our offices.
Johnson Fistel, LLP has paid for the dissemination of this promotional communication, and Frank J. Johnson is the attorney responsible for its content.
Contact:
Johnson Fistel, LLP
501 W. Broadway, Suite 800, San Diego, CA 92101
James Baker, Investor Relations or Frank J. Johnson, Esq., (619) 814-4471
jimb@johnsonfistel.com or fjohnson@johnsonfistel.com
