NYCB - NYCB Discloses Material Weaknesses; Johnson Fistel Encourages New York Community Bancorp Investors to Seek Counsel Before Lead Plaintiff Class Action Deadline | Benzinga
SAN DIEGO, March 01, 2024 (GLOBE NEWSWIRE) -- Johnson Fistel, LLP notifies investors of New York Community Bancorp, Inc. ("NYCB" or the "Company") (NYSE:NYCB) that a securities class action lawsuit has been filed.
The New York Community Bancorp class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) the Signature Bank acquisition would not be immediately accretive to New York Community Bancorp because it caused New York Community Bancorp to be required to comply with materially enhanced prudential standards, including, among other things, risk-based and leverage capital requirements, and liquidity standards, and required that New York Community Bancorp build capital, reinforce its balance sheet and strengthen its risk management processes; (ii) New York Community Bancorp failed to comply with the materially enhanced prudential standards; (iii) New York Community Bancorp overstated the quality of its commercial office loan assets; (iv) New York Community Bancorp was experiencing higher net charge-offs and deterioration in its commercial office portfolio than represented; (v) New York Community Bancorp was reasonably likely to incur higher loan losses because it was experiencing higher net charge-offs and deterioration in its commercial office portfolio; (vi) New York ...