NEW YORK, May 10, 2023 /PRNewswire/ -- 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 newaction@pomlaw.com 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.
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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
rswilloughby@pomlaw.com
888-476-6529 ext. 7980
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SOURCE Pomerantz LLP
