Le Lézard
Classified in: Business
Subject: ATY

SHAREHOLDER ACTION REMINDER: Faruqi & Faruqi, LLP Investigates Claims on Behalf of Investors of NYCB


NEW YORK, March 21, 2024 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against New York Community Bancorp, Inc. ("NYCB" or the "Company") (NYSE: NYCB) and reminds investors of the April 8, 2024 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.

Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $100,000 In NYCB To Contact Him Directly To Discuss Their Options

If you suffered losses exceeding $100,000 investing in NYCB stock or options between March 1, 2023 and February 5, 2024 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also click here for additional information: www.faruqilaw.com/NYCB.

Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The firm has recovered hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.

As detailed below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (i) the Signature Bank acquisition would not be immediately accretive to New York Community Bancorp because it caused New York Community Bancorp to be required to comply with materially enhanced prudential standards, including, among other things, risk-based and leverage capital requirements, and liquidity standards, and required that New York Community Bancorp build capital, reinforce its balance sheet and strengthen its risk management processes; (ii) New York Community Bancorp failed to comply with the materially enhanced prudential standards; (iii) New York Community Bancorp overstated the quality of its commercial office loan assets; (iv) New York Community Bancorp was experiencing higher net charge-offs and deterioration in its commercial office portfolio than represented; (v)  New York Community Bancorp was reasonably likely to incur higher loan losses because it was experiencing higher net charge-offs and deterioration in its commercial office portfolio; (vi) New York Community Bancorp was reasonably likely to be forced to increase its allowance for credit losses due to its status as Category IV bank; (vii) New York Community Bancorp's loan loss provisions were understated so it overstated quarterly earnings and/or understated quarterly losses; and (viii) New York Community Bancorp failed to have adequate internal risk or disclosure controls and procedures.

On January 31, 2024, New York Community Bancorp disclosed that it had recorded a $552 million provision for loan losses, up significantly from the $62 million reported just one quarter earlier, and that as a result, New York Community Bancorp had incurred a 4Q23 loss of $252 million, or $0.36 per share, down significantly from a profit of $0.27 per share Wall Street consensus estimate.  New York Community Bancorp also disclosed it would cut its quarterly dividend from $0.17 to $0.05 per share.  On this news, the price of New York Community Bancorp stock fell nearly 38%.

Then, on February 5, 2024, Bloomberg reported, citing "people with direct knowledge of the matter," that it had been "mounting pressure from a top US watchdog" that "led to" New York Community Bancorp's "surprise decision to slash its dividend and stockpile cash in case commercial real estate loans [went] bad."  According to the Bloomberg article, "[t]he drastic financial moves . . . followed behind-the-scenes conversations with officials from the Office of the Comptroller of the Currency, the people said, asking not to be identified describing the confidential discussions."  On this news, the price of New York Community Bancorp stock fell more than 22%.

The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not. 

Faruqi & Faruqi, LLP also encourages anyone with information regarding NYCB's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.

Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.

SOURCE Faruqi & Faruqi, LLP


These press releases may also interest you

at 15:58
The Regional Comprehensive Economic Partnership ? a free trade agreement that has created the world's largest trading group ? is sending a strong signal in favor of open markets, fair competition and rules-based trade at a time when protectionist...

at 13:41
On May 16, 2024, local time in Italy, Ferretti Group Chairman Tan Xuguang hosted an on-site meeting of the Italian Ferretti company's board of directors at Milan headquarters, fully affirmed the continuous growth of the company's performance in the...

at 11:00
Every child deserves the best start in life. But for young families, including Millennial and Gen Z parents in Kanata and across the country, the costs of child care can add up to a second rent or mortgage payment. This makes it harder to start and...

at 06:13
eWTP Arabia Capital Technology Fund I ("Techology Fund I"), managed by eWTP Arabia Capital ("eWTPA"), one of the leading private equity firms in the Middle East, was listed in the Preqin League Tables as the the fifth top-performing VC funds in the...

18 mai 2024
Agway of Cape Cod and Seaside Cannabis Company announce their partnership for the inaugural Clone Fest, set to take place on Sunday, May 19th. The event will be held at both locations, conveniently situated next to each other at 14 and 20 Lots Hollow...

18 mai 2024
Annick Timmer embodies the spirit of a vibrant entrepreneur and serves as the co-founder of The EBH Group, a distinguished firm specializing in ultra-luxury real estate and interior design. Within The EBH Group, Annick assumes a...



News published on and distributed by: