The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Signature Bank (NASDAQ: SBNY) who purchased shares between March 2, 2023 and March 12, 2023. The action, which was filed in the United States District Court for the Eastern District of New York, alleges that the Company violated federal securities laws.
In particular, the Signature lawsuit alleges that (1) Signature Bank did not have the strong fundamentals that it represented itself as having in the days immediately prior to its takeover, or otherwise took action that left it susceptible to a takeover by the New York Department of Financial Services (“DFS”); (2) as a result, it became a target for regulatory action by the DFS, and (3) as a result, defendants’ public statements were materially false and/or misleading at all relevant times.
Shareholders have until May 15, 2023 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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