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id: 680, Created by Stan Vick, Scout
First Republic Bank (FRC) Case on Misleading
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- First Republic Bank announced a Q1 2023 loss of over $100B in customer deposits.
- $FRC price dropped over 20% on post & pre-market, damaging investors.
- Investors suspect the $FRC and KPMG of failing to disclose that rising interest rates, client withdrawals, and the collapse of Silicon Valley Bank created a liquidity crisis for the First Republic.
On April 24, 2023, First Republic Bank (FRC) announced a Q1 2023 loss of over $100 billion in customer deposits.
Taking all the facts into account, Investors have reasons to suspect First Republic & KPMG of misleading and failing to disclose important information which led to investment losses for stakeholders.
Specifically, Investors accuse the $FRC and KPMG of failing to disclose that rising interest rates, client withdrawals, and the collapse of Silicon Valley Bank created a liquidity crisis for the First Republic.
Failure to Disclose,
Shock Event Date
24 April 2023
24 April 2023
Lead Plaintiff Deadline
23 June 2023
Hon. Haywood S Gilliam, Jr.