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NYCB.US

NYCB (NYCB) Q3 2024 Financial Results Case

E.D. New York
Court
1:24-cv-00903
Case number
01 Mar 2023
Class period Start
30 Jan 2024
Class period End
  • $NYCB stockholder filed a claim vs. NYCB for not disclosing increased loan losses and the need to reduce quarterly dividends.
  • The news about the Q4 2023 financial results caused $NYCB to fall 37%, losing $2.8B+ in shareholder value.
New York Community Bancorp reported a $252M loss in Q4 2023 due to increased loan loss provision. And the quarterly dividend was reduced to $0.05 per share.

This changes were necessary because NYCB became a $100B bank earlier than expected, triggering stricter banking rules after the Signature transaction.

On that news, $NYCB dropped 37% on January 31, 2024.

Based on these events, $NYCB stockholder filed a claim against NYCB and its leaders, accusing them of the following:
  • NYCB didn't disclose higher net charge-offs and portfolio deterioration, leading to increased loan losses.
  • NYCB's reduction of its quarterly dividend wasn't revealed, misleading investors about the company's prospects.
Considering all the representations, investors have reasons to suspect that NYCB misled them about higher net charge-offs, increased loan losses, potential allowance for credit losses, and a reduction in quarterly dividends.
Alleged Offence
Mismanagement
Misleading Statements
Omissions
Suspected Party
Directors
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
31 January 2024
Filing date
06 February 2024
Lead Plaintiff Deadline
08 April 2024
Judge
James R Cho
Collecting participants…
Created by Polina Foster, Scout

New York Community Bancorp Inc

New York Community Bancorp, Inc. operates as the bank holding company for Flagstar Bank, N.A. that provides banking products and services in the United States. The company's deposit products includ...

    Ticker
    NYCB.US
    ISIN
    US6494451031
    CIK
    910073
    Sector
    Financial Services
    Industry
    Banks - Regional
    Country
    USA
    Address
    102 Duffy Avenue, Hicksville, NY, United States, 11801