The Law Offices of Frank R. Cruz Announces Investigation of KeyCorp (KEY) on Behalf of Investors

LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces an investigation of KeyCorp (“Key” or the “Company”) (NYSE: KEY) on behalf of investors concerning the Company’s possible violations of federal securities laws.

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On March 6, 2023, Key disclosed that it had revised its Full Year 2023 financial guidance, estimating net interest income will rise only 1% to 4%, compared to the previous estimate of 6% to 9%. On this news, Key’s stock price fell $0.60, or 3.3%, to close at $17.55 per share on March 7, 2023, thereby injuring investors.

Then, on March 13, 2023, following the collapses of multiple banks, investors grew concerned over Key’s liquidity. The same day, Odeon Capital Group LLC and BofA Global Research both downgraded the Company’s stock. On this news, Key’s stock price $6.59, or 40.7%, to close at $11.38 per share on March 13, 2023.

Then, on June 12, 2023, Key’s Chief Financial Officer stated that the Company’s second quarter 2023 net interest income was excepted to be softer due to “funding mix and deposit cost pressures.” The Company disclosed that clients were demanding higher interest rates on deposits, and that banks of Key’s size are likely facing higher capital and liquidity requirements by regulators. On this news, Key’s stock price fell $0.46, or 4.3%, to close at $10.22 per share on June 12, 2023, thereby injuring investors further.

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If you purchased Key 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 Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to [e-mail], or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.

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