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id: 1097, Created by Polina Foster, Scout
NYCB (NYCB) Q3 2024 Financial Results Case
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E.D. New YorkCourt
01 Mar 2023Class period Start
30 Jan 2024Class 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.
Shock Event Date
31 January 2024
06 February 2024
Lead Plaintiff Deadline
08 April 2024
James R Cho