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NYCB Investors: April 8, 2024 Filing Deadline in Securities Class Action - Contact Lieff Cabraser
Class Period: March 1, 2023 - February 5, 2024 Lead Plaintiff Motion Deadline: April 8, 2024 Case information: lieffcabraser.com/securities/nycb Contact us: Email or text investorinfo@lchb.com or call 1-800-541-7358 NYCB is a large commercial-real estate lender in the New York City market area. In December 2022, NYCB acquired Flagstar Bancorp, Inc., which now operates as Flagstar Bank, N.A. ("Flagstar"). On March 20, 2023, the Company entered into a Purchase and Assumption Agreement to acquire certain assets and assume certain liabilities of Signature Bridge Bank, N.A. ("Signature Bank"). As a result of these two acquisitions, NYCB nearly doubled its total assets which subjected it to enhanced banking standards and requirements. The actions allege that, throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, financial condition, and the impact of the Flagstar and Signature Bank acquisitions. On January 31, 2024, NYCB announced disappointing results for the fourth quarter and fiscal year 2023 ("4Q23" and "FY23"), including a significant increase in loan loss reserves to $552 million which NYCB explained was "primarily attributable to higher net charge-offs" and "a significant increase in the ACL [allowance for credit losses]" coverage ratio. As to credit losses, NYCB stated that "[a]t December 31, 2023, the allowance for credit losses was $992 million compared to $619 million at September 30, 2023, up $373 million reflecting our actions to build reserves during the quarter to address weakness in the office sector, potential repricing risk in the multi-family portfolio and an increase in classified assets, which better aligns the Company with its relevant bank peers, including Category IV banks." NYCB also slashed its quarterly dividend from $0.17 per share to just $0.05 per share. On this news, the Company's stock price fell $3.91 per share, or 37.67%, from its closing price on January 30, 2024, to close at $6.47 per share on January 31, 2024. After the close of trading on January 31, 2024, Moody's Investors Service ("Moody's") announced that it may downgrade NYCB's corporate debt rating to junk status, citing the Company's surprising 4Q23 loss and dividend cut. On this news, NYCB's stock price fell another $0.72 per share, or 11.13%, to close at $5.75 per share on February 1, 2024. Moody's ultimately cut the rating to junk status days later. On February 5, 2024, Bloomberg reported, citing "people with direct knowledge of the matter," that it had been "mounting pressure from a top US watchdog" that had "led to [NYCB's] surprise decision to slash its dividend and stockpile cash in case commercial real estate loans [went] bad." According to Bloomberg, "[t]he drastic financial moves followed behind-the-scenes conversations with officials from the Office of the Comptroller of the Currency [the "OCC"] ." Bloomberg also revealed that NYCB's chief risk officer and chief audit executive left the Company in 4Q23. On this news, the price of NYCB stock declined another $1.20 per share, or 22.22%, from its closing price on February 5, 2024, to close at $4.20 per share on February 6, 2024. On February 6, 2024, NYCB announced changes to its executive leadership, naming the former head of Flagstar, as executive chairman. Then, on February 29, 2024, NYCB disclosed an additional $2.4 billion in losses in 4Q23, as well as "material weaknesses in the Company's internal controls related to internal loan review, and that the filing of its annual report would be delayed. In addition, NYCB revealed that its CEO resigned. A few days later, the Company announced the appointment of a new chief risk officer and chief audit executive. The Company has since announced the hiring of a new CEO. About Lieff Cabraser CONTACT: SOURCE: Lieff Cabraser Heimann & Bernstein View the original press release on accesswire.com
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