NEW YORK–(BUSINESS WIRE)–#A–Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, is investigating potential claims against First Republic Bank (“First Republic” or the “Company”) (NYSE: FRC) on behalf of First Republic stockholders. Our investigation concerns whether First Republic has violated the federal securities laws and/or engaged in other unlawful business practices.
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On March 13, 2023, following the collapse of Silicon Valley Bank, Silvergate Bank, and Signature Bank, First Republic led a wave of declining bank share prices, based on liquidity concerns. These concerns persisted even after First Republic secured emergency funding. Downgrading First Republic’s shares, Raymond James wrote: “Despite the added liquidity sources, we believe deposit balances will remain under pressure in the immediate near term. While we believe the bank received some deposit inflows on Thursday during the bank run at SVB, additional panic among large depositors may have driven deposit balances lower since Thursday.”
On this news, First Republic’s stock price fell $50.55 per share, or 61.83%, to close at $31.21 per share on March 13, 2023.
If you purchased or otherwise acquired First Republic shares and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Marion Passmore by email at [email protected], by telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York and California. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.