The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of First Republic Bank (“First Republic” or “the Company”) (NYSE: FRC) for violations of the securities laws.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. First Republic led a wave of declining bank share prices on March 13, 2023, based on concerns that it may not have sufficient liquidity. The liquidity concerns persisted even after the Company secured emergency funding. In a downgrade of the Company’s shares, Raymond James wrote: “Despite the added liquidity sources, we believe deposit balances will remain under pressure in the immediate near term. While we believe the bank received some deposit inflows on Thursday during the bank run at SVB, additional panic among large depositors may have driven deposit balances lower since Thursday.” Based on this news, shares of First Republic fell by more than 66% in intraday trading on March 13, 2023.
If you are a shareholder who suffered a loss, click here to participate.
We also encourage you to contact Brian Schall of the Schall Law Firm, 1880 Century Park East, Suite 404, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at bschall@schallfirm.com.
The class in this case has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
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View source version on businesswire.com: https://www.businesswire.com/news/home/20230313005651/en/
Contacts
The Schall Law Firm
Brian Schall, Esq.
310-301-3335
info@schallfirm.com
www.schallfirm.com
