Kahn Swick & Foti, LLC ("KSF") and KSF partner, the former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until April 8, 2024 to file lead plaintiff applications in a securities class action lawsuit against New York Community Bancorp, Inc. (“NYCB” or the “Company”) (NYSE: NYCB), if they purchased the Company’s securities between March 1, 2023 and January 30, 2024, inclusive (the “Class Period”). This action is pending in the United States District Court for the Eastern District of New York.
What You May Do
If you purchased securities of NYCB and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email (lewis.kahn@ksfcounsel.com), or visit https://www.ksfcounsel.com/cases/nyse-nycb/ to learn more. If you wish to serve as a lead plaintiff in this class action by overseeing lead counsel with the goal of obtaining a fair and just resolution, you must request this position by application to the Court by April 8, 2024.
About the Lawsuit
NYCB and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On January 31, 2024, pre-market, the Company announced its 4Q 2023 financial results, disclosing a quarterly net loss of $252 million, due to “a $552 million provision for loan losses,” which was “primarily attributable to higher net charge-offs” and “a significant increase in the ACL [allowance for credit losses]” coverage ratio, as well as slashing its quarterly dividend to $0.05 per common share.
On this news, the price of NYCB’s shares fell $3.90, or 37.57%, to close at $6.47 per share on January 31, 2024, on unusually heavy trading volume.
The case is Lemm v. New York Community Bancorp, Inc., et al., No. 24-cv-903.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation’s premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, Delaware, California, Louisiana and New Jersey.
To learn more about KSF, you may visit www.ksfcounsel.com.
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