Kuznicki Law PLLC notifies investors that a class action has commenced in the United States District Court for the Eastern District of New York on behalf of shareholders of ew York Community Bancorp, Inc. who purchased shares between March 1, 2023 and January 30, 2024.
NYCB and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On January 31, 2024, pre-market, the Company announced its 4Q 2023 financial results, disclosing a quarterly 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, as well as slashing its quarterly dividend to $0.05 per common share.
On this news, the price of NYCB’s shares fell $3.90, or 37.57%, to close at $6.47 per share on January 31, 2024, on unusually heavy trading volume.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until April 8, 2024 to request that the court appoint them lead plaintiff.