Do you, or did you, hold First Republic Bank stock? If so, please visit First Republic Bank Shareholder Investigation or contact Peter Allocco at (212) 951-2030 or [email protected] to discuss your rights.
NEW YORK, March 17, 2023 (GLOBE NEWSWIRE) — Bernstein Liebhard LLP, a nationally acclaimed investor rights law firm, is investigating First Republic Bank (“First Republic” or the “Company”) (NYSE: FRC) concerning the Company’s possible violations of federal securities laws.
If you own First Republic stock and would like to discuss your legal rights and options, please visit First Republic Bank Shareholder Investigation or contact Peter Allocco at (212) 951-2030 or [email protected]
On March 13, 2023, First Republic led a decline in bank shares on revelations that the bank may not have sufficient liquidity, even after it secured emergency funding from other institutions. Despite the emergency funding, Raymond James downgraded the stock, highlighting the risk of deposit outflows facing First Republic. In downgrading the stock, Raymond James stated, “[d]espite 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.”
On this news, shares of First Republic common stock dropped $50.55 per share, or over 61%, to close at $31.21 per share on March 13, 2023.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.
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