THE LAWSUIT: A class action securities lawsuit was filed against New York Community Bancorp, Inc. (NYCB) that seeks to recover losses of New York Community Bancorp shareholders who were adversely affected by alleged securities fraud between March 1, 2023 and January 30, 2024
CASE DETAILS: The filed complaint alleges that defendants made false statements and/or concealed that: (1) the Company was experiencing higher net charge-offs and deterioration in its office portfolio; (2) as a result, NYCB was reasonably likely to incur higher loan losses; (3) as a result of the foregoing and NYCB’s status as Category IV bank, the Company was reasonably likely to increase its allowance for credit losses; (4) the Company’s financial results would be adversely affected; (5) to preserve capital, the Company would reduce quarterly common dividend to $0.05 per common share; and (6) as a result of the foregoing, defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
WHAT’S NEXT? If you suffered a loss in New York Community Bancorp stock during the relevant time frame – even if you still hold your shares – go to https://zlk.com/pslra-1/new-york-community-bancorp-lawsuit-submission-form?wire=18 to learn about your rights to seek a recovery. There is no cost or obligation to participate.
WHY LEVI & KORSINSKY: Over the past 20 years, Levi & Korsinsky LLP has established itself as a nationally-recognized securities litigation firm that has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. The firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services’ Top 50 Report as one of the top securities litigation firms in the United States. Attorney Advertising. Prior results do not guarantee similar outcomes.
CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
33 Whitehall Street, 17th Floor
New York, NY 10004
jlevi@levikorsinsky.com
Tel: (212) 363-7500
Fax: (212) 363-7171
https://zlk.com/
