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SBNY.US
id: 620
Signature Bank (SBNY) Misleading Case
E.D. New York
Court23-CV-01921
Case number02 Mar 2023
Class period Start12 Mar 2023
Class period End15 May 2023
Lead Plaintiff motion deadline- DFS announced that had taken possession of #SignatureBank.
- $SBNY was halted, damaging investors.
- Investors suspect #Signature of failing to disclose to shareholders that it did not have "strong fundamentals".
On March 12, 2023, the DFS announced that, in order to protect depositors and pursuant to Section 606 of New York Banking Law, DFS had taken possession of Signature Bank.
DFS further stated that it was “in close contact with all regulated entities in light of market events, monitoring market trends, and collaborating closely with other state and federal regulators to protect consumers, ensure the health of the entities we regulate, and preserve the stability of the global financial system.”
On March 12, 2023, trading in the $SBNY shares was halted and remained halted, essentially rendering the Company’s shares illiquid and valueless given the bank’s failure.
Taking all facts into account Investors have reasons to suspect #Signature and its Leaders of failing to disclose to shareholders that it did not have the "strong fundamentals" it represented itself as having prior to its Sunday night takeover by New York's financial regulators.
Case Status
Motion to dismiss
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
12 March 2023
Filing date
14 March 2023
Lead Plaintiff Deadline
15 May 2023