BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith reminds investors of the upcoming July 29, 2019 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased Metro Bank PLC (“Metro Bank” or the “Company”) (OTC: MBNKF) securities between March 6, 2018 and May 1, 2019, inclusive (the “Class Period”).
Investors suffering losses on their Metro Bank investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to email@example.com.
On January 23, 2019, Metro Bank revealed that it misclassified the risk of hundreds of millions of loans.
On this news, the Company’s share price fell $10.00 per share, or nearly 35%, to close at $18.80 per share on January 23, 2019, thereby injuring investors.
Then, on January 31, 2019, media reported that the accounting errors were revealed only after the Prudential Regulatory Authority raised concerns with Metro Bank’s loans.
On this news, the Company’s share price fell $1.70 per share, or nearly 11%, to close at $14.80 per share on January 31, 2019, thereby injuring investors further.
Then, on February 27, 2019, media reported that Metro Bank faced several investigations by Prudential Regulation Authority and Financial Conduct Authority due to the accounting errors.
On this news, the Company’s share price fell $3.92 per share, or over 22%, to close at $13.25 per share on February 27, 2019, thereby injuring investors further.
On May 1, 2019, Metro Bank announced that it lost some large commercial and partnership customers due to Metro Bank’s misclassification of loans.
On this news, the Company’s share price fell $1.69 per share, or over 16%, to close at $8.76 on May 2, 2019, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) Metro Bank misclassified the risk terms of many of its loans; (2) accordingly, Metro Bank failed to maintain sufficient capital; (3) this conduct would lead to investigations by the Prudential Regulation Authority and Financial Conduct Authority; (4) this conduct would also lead to the reduction of deposits at Metro Bank from larger commercial and partnership clients; and (5) as a result, defendants’ public statements were materially false and/or misleading at all relevant times.
If you purchased shares of Metro Bank during the Class Period you may move the Court no later than July 29, 2019 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.