The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired Signature Bank (“Signature Bank” or the “Company”) (NASDAQ: SBNY, SBNYP) securities between March 2, 2023 and March 12, 2023, inclusive (the “Class Period”), including those who purchase the Signature Bank call options and/or sold put options during the Class Period. Signature Bank investors have until May 15, 2023 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to participate.
On March 12, 2023, the New York Department of Financial Services (“DFS”) announced that it had taken possession of Signature Bank to protect depositors pursuant to Section 606 of New York Banking Law. Trading in the Company’s shares was halted and remain halted, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Signature Bank did not have the strong fundamentals that it represented itself as having in the days immediately prior to its takeover, or otherwise took action that left it susceptible to a takeover by the DFS; (2) as a result, it became a target for regulatory action by the DFS, and (3) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
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If you purchased Signature Bank securities during the Class Period, you may move the Court no later than May 15, 2023 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you purchased Signature Bank securities, have information or 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 Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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