Philadelphia, Pennsylvania–(Newsfile Corp. – May 3, 2023) – Kaskela Law LLC announces that a shareholder class action lawsuit has been filed against Signature Bank (NASDAQ: SBNY) (OTC Pink: SBNY) (“Signature”) on behalf of investors who purchased shares of the company’s common stock between April 23, 2020 and March 12, 2023, inclusive (the “Class Period”).
According to the complaint, during the Class Period, Signature and certain of the company’s executive officers made a series of materially false and/or misleading statements to investors about the company’s business, operations, and prospects. Specifically, the defendants are alleged to have made false and/or misleading statements and/or failed to disclose that: (i) Signature Bank had failed to acknowledge the inherent volatility of digital-asset (i.e., cryptocurrency) related deposits; (ii) accordingly, the Bank had overstated the stability and/or sustainability of its deposit base; (iii) the degree of Signature Bank’s concentration in the cryptocurrency industry significantly undermined the health of its balance sheet; (iv) as a result of the foregoing, Signature Bank was exceptionally vulnerable to a bank run and/or a liquidity crisis; (v) the foregoing placed Signature Bank at a heightened risk of failure and/or regulatory takeover; and (vi) as a result, defendants’ public statements were materially false and/or misleading at all relevant times.
Investors who purchased Signature’s common stock during the Class Period and suffered an investment loss in excess of $1 million are encouraged to contact Kaskela Law LLC (D. Seamus Kaskela, Esq. or Adrienne Bell, Esq.) at (484) 229 – 0750, or by email ([email protected] / [email protected]) or online at https://kaskelalaw.com/cases/signature-bank/, for additional information about this action and their legal rights and recovery options.
IMPORTANT DEADLINE: Investors who purchased Signature common stock during the Class Period and suffered a financial loss may, no later than May 15, 2023, seek to be appointed as a lead plaintiff representative in the action through Kaskela Law LLC or other counsel. For additional information about Kaskela Law LLC please visit www.kaskelalaw.com.
CONTACT:
KASKELA LAW LLC
D. Seamus Kaskela, Esq.
Adrienne Bell, Esq.
18 Campus Blvd., Suite 100
Newtown Square, PA 19073
(888) 715 – 1740
(484) 229 – 0750
www.kaskelalaw.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/164788
Source: Newsfile Corp.
Release ID: 603187
