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FRC.US
id: 680

First Republic Bank (FRC) Case on Misleading

N.D. California
Court
3:23-cv-01993
Case number
14 Jan 2021
Class period Start
14 Mar 2023
Class period End
23 Jun 2023
Lead Plaintiff motion deadline
  • 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.
Case Status
Lead Plaintiff Appointed
Alleged Offence
Misleading Statements
Financial Misrepresentation
Failure to Disclose
Omissions
Suspected Party
Directors
Management
Service Provider
Security Type
Stocks
Trade Direction
Long
Shock Event Date
24 April 2023
Filing date
24 April 2023
Lead Plaintiff Deadline
23 June 2023
Judge
Hon. Haywood S Gilliam, Jr.
Collecting participants…

First Republic Bank

First Republic Bank does not have significant operations. Previously, it provided private banking, private business banking, and private wealth management services to clients in metropolitan areas ...

    Ticker
    FRC.US
    ISIN
    US33616C1009
    CIK
    1132979
    Sector
    Financial Services
    Industry
    Banks - Regional
    Country
    USA
    Address
    111 Pine Street, San Francisco, CA, United States, 94111