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FRC.US
id: 680, Created by Stan Vick, Scout
First Republic Bank (FRC) Case on Misleading
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N.D. California
Court3:23-cv-01993
Case number- 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.
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.