On or around 12/02/2020 (Court's order of dismissal)
Filing Date: May 30, 2019
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.
Company & Securities Information
Defendant: Metro Bank PLC
Industry: Regional Banks
Headquarters: United Kingdom
Ticker Symbol: MBNKF
Company Market: OTC-BB
Market Status: Public (Listed)
About the Company & Securities Data
"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.
In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.