First Republic Bank. CNN photo
Photo: CNN

First Republic Bank: Law firm investigates possible securities claim against bank

First Republic Bank (“First Republic” or the “Company”) (NYSE: FRC) is being investigated by Bernstein Liebhard LLP, a nationally acclaimed investor rights law firm, concerning the Company’s possible violations of federal securities laws.

The law firm is asking that if you own First Republic stock and would like to discuss your legal rights and options, you can visit First Republic Bank Shareholder Investigation or contact Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.

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On March 13, 2023, First Republic led a decline in bank shares on revelations that the bank may not have sufficient liquidity, even after it secured emergency funding from other institutions. Despite the emergency funding, Raymond James downgraded the stock, highlighting the risk of deposit outflows facing First Republic.

Shares of First Republic Bank common stock dropped

In downgrading the stock, Raymond James stated, “[d]espite the added liquidity sources, we believe deposit balances will remain under pressure in the immediate near term. While we believe the bank received some deposit inflows on Thursday during the bank run at SVB, additional panic among large depositors may have driven deposit balances lower since Thursday.”

On this news, shares of First Republic common stock dropped $50.55 per share, or over 61%, to close at $31.21 per share on March 13, 2023.

Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.

ATTORNEY ADVERTISING. © 2023 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. Prior results do not guarantee or predict a similar outcome with respect to any future matter.

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Contact Information:

Peter Allocco
Bernstein Liebhard LLP
https://www.bernlieb.com
(212) 951-2030
pallocco@bernlieb.com

– Globe Newswire, New York

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