SBNY Investors Have Opportunity to Lead Signature Bank Securities Fraud Lawsuit

BENSALEM, Pa., May 9, 2023 /PRNewswire/ -- Law Offices of Howard G. Smith announces that investors with substantial losses have opportunity to lead the securities fraud class action lawsuit against Signature Bank ("Signature Bank" or the "Company") (NASDAQ: SBNY, SBNYP).

Class Period: April 23, 2020 – March 12, 2023
Lead Plaintiff Deadline: May 15, 2023

Investors suffering losses on their Signature Bank investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to [email protected].

On March 12, 2023, the New York Department of Financial Services ("DFS") announced that it had taken possession of Signature Bank to protect depositors pursuant to Section 606 of New York Banking Law. Trading in the Company's shares was halted and remains halted, thereby injuring investors

The complaint filed alleges that, throughout the Class Period, Defendants failed to disclose to investors that: (1) Signature Bank did not have the strong fundamentals that it represented itself as having in the days immediately prior to its takeover, or otherwise took action that left it susceptible to a takeover by the DFS; (2) as a result, it became a target for regulatory action by the DFS, and (3) as a result, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to [email protected], or visit our website at www.howardsmithlaw.com.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Contacts
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
[email protected]
www.howardsmithlaw.com

SOURCE Law Offices of Howard G. Smith