Signature Bank (SBNY) Misleading Case

E.D. New York

Court

23-CV-01921

Case number

03/02/2023

Class period Start

03/12/2023

Class period End

05/15/2023

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

03/12/2023

Filing date

03/14/2023

Lead Plaintiff Deadline

05/15/2023

Signature Bank (SBNY) Misleading Case

Collecting participants…