Press release
Investigation announced for Investors in shares of First Republic Bank (NYSE: FRC) over possible Violations of Securities Laws
An investigation for investors in First Republic Bank (NYSE: FRC) shares over potential securities laws violations.
Investors who purchased shares of First Republic Bank (NYSE: FRC), have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm focuses on whether a series of statements by First Republic Bank regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
San Francisco, CA based First Republic Bank, together with its subsidiaries, provides private banking, private business banking, and private wealth management services to clients in metropolitan areas in the United States. First Republic Bank reported that its annual Total Revenue rose from over $4.9 billion in 2021 to over $5.7 billion in 2022, and that its Net Income increased from over $1.4 billion in 2021 to over $1.6 billion in 2022.
On March 13, 2023, First Republic Bank stock declined on speculation that the bank may not have sufficient liquidity, even after it secured emergency funding from other institutions. Despite the funding, Raymond James downgraded the stock, stating the risk of deposit outflows facing First Republic. In downgrading the stock, Raymond James commented, "[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."
Shares of First Republic Bank (NYSE: FRC) declined to as low as $11.52 per share on March 20, 2023.
Those who purchased shares of First Republic Bank (NYSE: FRC) have certain options and should contact the Shareholders Foundation.
Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com
About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
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