NEW ORLEANS--(BUSINESS WIRE)--Kahn Swick & Foti, LLC (“KSF”) and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until June 23, 2023 to file lead plaintiff applications in a securities class action lawsuit against First Republic Bank (“First Republic” or the “Company”) (NYSE: FRC), if they purchased the Company’s securities between January 14, 2021, and March 14, 2023, inclusive (the “Class Period”). This action is pending in the United States District Court for the Northern District of California.
What You May Do
If you purchased securities of First Republic and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email (email@example.com), or visit https://www.ksfcounsel.com/cases/nyse-frc/ to learn more. If you wish to serve as a lead plaintiff in this class action, you must petition the Court by June 23, 2023.
About the Lawsuit
First Republic and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On March 10, 2023, following the collapse of Silicon Valley Bank, investor and market scrutiny focused on the Company’s liquidity and financial strength, leading it to issue a press release touting its strength and stability. Then, on March 12, 2023, the Company disclosed that it had obtained $10 billion of additional borrowing capacity from the Fed and JPMorgan Chase & Co.
On this news, shares of First Republic fell $83.79 per share, or more than 72% over three trading sessions, to a closing price of $31.21 per share on March 13, 2023.
The case is City of Hollywood Police Officers’ Retirement System v. First Republic Bank, No. 23-cv-1993.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation’s premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, California, Louisiana and New Jersey.
To learn more about KSF, you may visit http://ksfcounsel.com/.