First Republic Bank (FRC) Case on Misleading

The plaintiff has voluntarily dismissed the case, ending the lawsuit.

N.D. California

Court

4:23-cv-1993

Case number

01/14/2021

Class period Start

03/14/2023

Class period End

06/23/2023

Lead Plaintiff motion deadline

First Republic Bank announced a Q1 2023 loss of over $100B in customer deposits. 
$FRC price dropped over 20% on post & pre-market, damaging investors. 
Investors suspect the $FRC and KPMG of failing to disclose that rising interest rates, client withdrawals, and the collapse of Silicon Valley Bank created a liquidity crisis for the First Republic.
On April 24, 2023, First Republic Bank (FRC) announced a Q1 2023 loss of over $100 billion in customer deposits. 

Taking all the facts into account, Investors have reasons to suspect First Republic & KPMG of misleading and failing to disclose important information which led to investment losses for stakeholders. 

Specifically, Investors accuse the $FRC and KPMG of failing to disclose that rising interest rates, client withdrawals, and the collapse of Silicon Valley Bank created a liquidity crisis for the First Republic. 

Case Status

Voluntary Dismissed

Alleged Offence

Misleading Statements,

Financial Misrepresentation,

Failure to Disclose,

Omissions

Suspected Party

Directors,

Management,

Service Provider

Security Type

Stocks

Trade Direction

Long

Shock Event Date

04/24/2023

Filing date

04/24/2023

Lead Plaintiff Deadline

06/23/2023

Judge

Hon. Haywood S Gilliam, Jr.

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