NEW YORK, NY - (NewMediaWire) - February 27, 2024 - Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) notifies investors of a complaint has been filed on behalf of investors that purchased or otherwise acquired, Inc. (“NYCB” or the “Company”) (NYSE: NYCB) securities between March 1, 2023 and February 5, 2024, inclusive (the “Class Period”). Click Here to Join Investigation.

If you acquired NYCB securities and would like to discuss our investigation, please click here or contact us by emailing pmayer@kaplanfox.com or by calling (646) 315-9003.

If you are a member of the proposed Class, you may move the court no later than April 8, 2024 to serve as a lead plaintiff for the purported class.  If you have losses, we encourage you to contact us to learn more about the lead plaintiff process.  You need not seek to become a lead plaintiff in order to share in any possible recovery.

The Complaint alleges that on January 31, 2024, before the market opened, NYCB announced its fiscal fourth quarter 2023 financial results. The Company reported a fourth quarter net loss of $252 million due to “a $552 million provision for loan losses,” which was “primarily attributable to higher net charge-offs” and “a significant increase in the ACL [allowance for credit losses]” coverage ratio. Additionally, the Company disclosed that it would cut its quarterly dividend to $0.05 per common share. The Company further explained that these actions were “necessary enhancements” after NYCB “crossed th[e] important threshold [of becoming a $100 billion bank] sooner than anticipated as a result of the Signature transaction.” Crossing this $100 billion threshold subjected NYCB to enhanced banking standards and requirements.

On this news, NYCB’s stock price fell $3.90, or 37.57%, to close at $6.47 per share on January 31, 2024.

WHY CONTACT KAPLAN FOX - Kaplan Fox is a leading national law firm focusing on complex litigation with offices in New York, Oakland, Los Angeles, Chicago and New Jersey.  With over 50 years of experience in securities litigation, Kaplan Fox offers the professional experience and track record that clients demand.  Through prosecuting cases on the federal and state levels, Kaplan Fox has successfully shaped the law through winning many important decisions on behalf of our clients.  For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com. 

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If you have any questions about this notice, your rights, or your interests, please contact:

Pamela A. Mayer

KAPLAN FOX & KILSHEIMER LLP
800 Third Avenue, 38th Floor
New York, New York 10022
(646) 315-9003

E-mail: pmayer@kaplanfox.com

Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4704
Fax:  (415) 772-4707
E-mail: lking@kaplanfox.com