BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Signature Bank (“Signature Bank” or the “Company”) (NASDAQ: SBNY, SBNYP) securities between March 2, 2023 and March 12, 2023, inclusive (the “Class Period”), including those who purchase the Signature Bank call options and/or sold put options during the Class Period. Signature Bank investors have until May 15, 2023 to file a lead plaintiff motion.
Investors suffering losses on their Signature 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 March 12, 2023, the New York Department of Financial Services (“DFS”) announced that it had taken possession of Signature Bank to protect depositors pursuant to Section 606 of New York Banking Law. Trading in the Company’s shares was halted and remain halted, 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 that: (1) Signature Bank did not have the strong fundamentals that it represented itself as having in the days immediately prior to its takeover, or otherwise took action that left it susceptible to a takeover by the DFS; (2) as a result, it became a target for regulatory action by the DFS, and (3) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
If you purchased Signature Bank securities, have information or would like to learn more about these claims, or 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.
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