According to the Complaint, Metro Bank PLC provides retail and commercial banking services in the United Kingdom.

The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) Metro Bank misclassified the risk terms of many of its loans; (2) accordingly, Metro Bank failed to maintain sufficient capital; (3) this conduct would lead to investigations by the Prudential Regulation Authority and Financial Conduct Authority; (4) this conduct would also lead to the reduction of deposits at Metro Bank from larger commercial and partnership clients; and (5) as a result, Defendants’ public statements were materially false and/or misleading at all relevant times.

On October 21, 2019, the Court issued an Order appointing Lead Plaintiffs and Counsel. On January 10, 2020, Lead Plaintiffs filed an amended Complaint. Defendants filed a Motion to Dismiss the amended Complaint on March 10. On December 2, the Court issued an Order granting Defendants' Motion to Dismiss.