NEW YORK, March 13, 2023 /PRNewswire/ — Pomerantz LLP is investigating claims on behalf of investors of Signature Bank (“Signature” or the “Company”) (NASDAQ: SBNY). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether Signature and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
[Click here for information about joining the class action]
On March 1, 2023, citing “an email that was sent to customers,” Bloomberg reported that “[t]he digital-asset trading platform Kraken will no longer be using Signature Bank for some key financial transactions, making it the latest exchange to pull back from a major crypto bank.”
On this news, Signature’s stock price fell $5.49 per share, or 4.77%, over the following two trading sessions, to close at $109.56 per share on March 2, 2023.
On the morning of March 10, 2023, Signature’s stock price fell sharply following the collapse of Silvergate Bank and Silicon Valley Bank, before trading in Signature shares was halted.
Then, on March 12, 2023, the New York State Department of Financial Services closed Signature after the Bank was unable to close a sale or otherwise bolster its finances in order to protect it assets after customers began withdrawing their deposits in favor of larger institutions. In a joint statement, the U.S. Department of the Treasury, Federal Reserve, and Federal Deposit Insurance Corporation (“FDIC”) announced that Signature had been designated a systemic risk to the financial system, allowing for regulators to take extraordinary measures to ensure the availability of funds beyond the FDIC-insured $250,000.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
Robert S. Willoughby
888-476-6529 ext. 7980
SOURCE Pomerantz LLP