According to the lawsuit, defendants made materially false and/or misleading statements throughout the Class Period made false and/or misleading statements and/or failed to disclose that:
- the Signature Bank acquisition would not be immediately accretive to the Company because it caused New York Community Bancorp to be required to comply with materially enhanced prudential standards, including, among other things, risk-based and leverage capital requirements, and liquidity standards, and required that New York Community Bancorp build capital, reinforce its balance sheet and strengthen its risk management processes;
- New York Community Bancorp failed to comply with the materially enhanced prudential standards;
- New York Community Bancorp overstated the quality of its commercial office loan assets;
- New York Community Bancorp was experiencing higher net charge-offs and deterioration in its commercial office portfolio than represented;
- New York Community Bancorp was reasonably likely to incur higher loan losses because it was experiencing higher net charge-offs and deterioration in its commercial office portfolio;
- New York Community Bancorp was reasonably likely to be forced to increase its allowance for credit losses due to its status as Category IV bank;
- New York Community Bancorp’s loan loss provisions were understated so it overstated quarterly earnings and/or understated quarterly losses;
- New York Community Bancorp failed to have adequate internal risk or disclosure controls and procedures; and
- that, as a result of the foregoing, defendants’ statements about New York Community Bancorp’s business, operations and financial condition were materially false and misleading and/or lacked a reasonable basis at all relevant times.
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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