According to the lawsuit, defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about First Republic’s business, operations, and prospects. Specifically, defendants:
- misrepresented the strength of First Republic’s balance sheet and liquidity position;
- understated the significant pressure rising interest rates posed to First Republic’s business model;
- misrepresented the strength of First Republic’s ability to deliver consistent results across different interest rate environments;
- misrepresented the diversity of First Republic’s deposit funding base; and
- misrepresented First Republic’s ability to net interest income (“NII”) growth and maintain stable net interest margin (“NIM”).
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
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