Faruqi & Faruqi , LLP Probes Investor Claims in Ongoing NYCB Investigation

March 7, 2024: Faruqi & Faruqi, LLP, a reputable law firm, diligently investigates potential securities violations by New York Community Bancorp (NYCB). This investigation focuses on claims from investors who incurred losses after purchasing NYCB stock or options.

Investors are urged to act swiftly, as they have a limited time until April 8, 2024, to potentially become the lead plaintiff in a class action lawsuit. To be eligible, they must have purchased NYCB securities between March 1, 2023, and February 5, 2024, and incurred losses exceeding $100,000.

The investigation stems from NYCB’s disclosures on January 31, 2024, which revealed a staggering surge in loan loss provisions, from $62 million to $552 million compared to the previous quarter. This led to a substantial financial setback for the company in Q4 2023. Furthermore, NYCB reduced its quarterly dividend from $0.17 to $0.05 per share, potentially impacting investors’ financial positions.

Following these announcements, NYCB’s stock price fell nearly 38%. Faruqi & Faruqi allege that NYCB may have withheld important information about its financial health, potentially misleading investors.

It’s important to note that this investigation doesn’t mean NYCB did anything wrong. The legal process will involve thoroughly examining all evidence before conclusions are reached.

Investors who believe they may be eligible to participate in the lawsuit are encouraged to contact Faruqi & Faruqi, LLP. The firm emphasizes the importance of meeting the April 8 deadline to be considered for the lead plaintiff position.

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