SAN DIEGO, Feb. 12, 2024 (GLOBE NEWSWIRE) -- Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of New York Community Bancorp , Inc. (NYSE: NYSE:NYCB) securities between March 1, 2023 and January 30, 2024, both dates inclusive (the Class Period), have until April 8, 2024 to seek appointment as lead plaintiff of the New York Community Bancorp (NASDAQ:CTBI) class action lawsuit. Captioned Lemm v. New York Community Bancorp, Inc., No. 24-cv-00903 (E.D.N.Y.), the New York Community Bancorp class action lawsuit charges New York Community Bancorp as well as certain of New York Community Bancorp's top executives with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the New York Community Bancorp class action lawsuit, please provide your information here:
https://www.rgrdlaw.com/cases-new-york-community-bancorp-inc-class-action-lawsuit-nycb.html
You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at jsanchez@rgrdlaw.com.
CASE ALLEGATIONS: On March 20, 2023, New York Community Bancorp entered into a Purchase and Assumption Agreement to acquire certain assets and assume certain liabilities of Signature Bridge Bank, N.A.
The New York Community Bancorp class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) New York Community Bancorp was experiencing higher net charge-offs and deterioration in its office portfolio; (ii) as a result, New York Community Bancorp was reasonably likely to incur higher loan losses; (iii) as a result of the above and New York Community Bancorp's status as a Category IV bank, New York Community Bancorp was reasonably likely to increase the allowance for credit losses; (iv) New York Community Bancorp's financial results would be adversely affected; and (v) to preserve capital, New York Community Bancorp would reduce its quarterly common dividend to $0.05 per common share.
The New York Community Bancorp class action lawsuit further alleges that on January 31, 2024, New York Community Bancorp reported a fourth quarter net loss of $252 million due to a $552 million provision for loan losses, which was primarily attributable to higher net charge-offs and a significant increase in the ACL [allowance for credit losses] coverage ratio. New York Community Bancorp further disclosed that it would cut its quarterly dividend to $0.05 per common share, explaining that these actions were necessary enhancements after New York Community Bancorp crossed th[e] important threshold [of becoming a $100 billion bank] sooner than anticipated as a result of the Signature transaction, the complaint further alleges. On this news, the price of New York Community Bancorp stock fell nearly 38%, according to the complaint.
ABOUT ROBBINS GELLER: Robbins Geller is one of the world's leading complex class action firms representing plaintiffs in securities fraud cases. The Firm is ranked #1 on the most recent ISS Securities Class Action Services Top 50 Report for recovering more than $1.75 billion for investors in 2022 “ the third year in a row Robbins Geller tops the list. And in those three years alone, Robbins Geller recovered nearly $5.3 billion for investors, more than double the amount recovered by any other plaintiffs' firm. With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs' firms in the world and the Firm's attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever “ $7.2 billion “ in In re Enron Corp. Sec. Litig. Please visit the following page for more information:
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Contact:
Robbins Geller Rudman & Dowd LLP
655 W. Broadway, Suite 1900, San Diego, CA 92101
J.C. Sanchez, 800-449-4900
jsanchez@rgrdlaw.com