SAN DIEGO, Feb. 02, 2024 (GLOBE NEWSWIRE) -- Robbins Geller Rudman & Dowd LLP is investigating potential violations of U.S. federal securities laws involving New York Community Bancorp, Inc. (NYSE: NYCB) focused on whether New York Community Bancorp and certain of its top executives made false and/or misleading statements and/or failed to disclose material information to investors.
If you have information that could assist in this investigation or if you are a New York Community Bancorp investor who suffered a loss and would like to learn more, you can provide your information here:
https://www.rgrdlaw.com/cases-new-york-community-bancorp-inc-investigation-nycb.html
You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at jsanchez@rgrdlaw.com.
THE COMPANY: New York Community Bancorp is the bank holding company for Flagstar Bank, N.A. In March of 2023, New York Community Bancorp, Inc. and the Federal Deposit Insurance Corporation (“FDIC”) announced that Flagstar Bank had acquired substantially all deposits and some loan portfolios of Signature Bridge Bank, which had failed and been put into receivership by the FDIC.
THE REVELATION: On January 31, 2024, New York Community Bancorp reported its fiscal 2023 results disclosing that it had recorded a $552 million provision for credit losses, up from the $62 million reported the prior quarter. New York Community Bancorp further reported a fourth quarter of 2023 loss of $252 million, compared to net income of $207 million the prior quarter. In doing so, New York Community Bancorp explained that the Signature asset purchase “subject[ed] us to enhanced prudential standards, including risk-based and leverage capital requirements, liquidity standards, requirements for overall risk management and stress testing.” New York Community Bancorp also announced that it was reducing its quarterly dividend to $0.05 per share from $0.17.
ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: Robbins Geller 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. Please visit the following page for more information:
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Contact:
Robbins Geller Rudman & Dowd LLP
655 W. Broadway, Suite 1900, San Diego, CA 92101
J.C. Sanchez, 800-449-4900
jsanchez@rgrdlaw.com
