Law Offices of Howard G. Smith reminds investors of the upcoming May 15, 2023 deadline to file a lead plaintiff motion in the case filed on behalf of investors who purchased 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.
Investors suffering losses on their Signature Bank investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.
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.
If you purchased or otherwise acquired 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 if you meet certain legal requirements. To be a member of the class action 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 action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230321005415/en/