Signature Bank Class Action Lawsuit - SBNY, SBNYP
Investors who suffered a loss and would like to learn more, click here to contact us.
The Signature Bank class action lawsuit – captioned Schaeffer v. Signature Bank, No. 23-cv-01921 (E.D.N.Y.) – charges Signature Bank (NASDAQ: SBNY, SBNYP) and certain of its top executives with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the Signature Bank class action lawsuit, please provide your information in the form on this page. You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at firstname.lastname@example.org. Lead plaintiff motions for the Signature Bank class action lawsuit must be filed with the court no later than May 15, 2023.
CASE ALLEGATIONS: Signature Bank purported to be a New York-based full-service commercial bank.
The Signature Bank class action lawsuit alleges that defendants made false and/or misleading statements and/or failed to disclose that: (i) 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 New York Department of Financial Services (“DFS”); and (ii) as a result, Signature Bank became a target for regulatory action by the DFS.
On March 12, 2023, the DFS announced that it had taken possession of Signature Bank. In response, Federal Reserve Chair Jerome Powell, Treasury Secretary Janet Yellen, and Federal Deposit Insurance Corporation Chair Martin Gruenberg issued a joint statement, stating that, “Shareholders and certain unsecured debtholders will not be protected. Senior management has also been removed. Any losses to the Deposit Insurance Fund to support depositors will be recovered by a special assessment on banks, as required by law.” As a result, trading in Signature Bank’s shares were halted and remain halted.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired publicly traded Signature Bank securities during the class period to seek appointment as lead plaintiff of the Signature Bank class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Signature Bank class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Signature Bank class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Signature Bank class action lawsuit.
ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: Robbins Geller Rudman & Dowd LLP is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The Firm is ranked #1 on the most recent ISS Securities Class Action Services Top 50 Report for recovering more than $1.75 billion for investors in 2022 – the third year in a row Robbins Geller tops the list. And in those three years alone, Robbins Geller recovered nearly $5.3 billion for investors, more than double the amount recovered by any other plaintiffs’ firm. With 200 lawyers in 9 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig.