According to the Complaint, Signature Bank purported to be a “New York-based full-service commercial bank with 40 private client offices located throughout the metropolitan New York area, as well as those in Connecticut, California, Nevada and North Carolina."

On Sunday March 12, 2023, the New York Department of Financial Services announced that, in order to protect depositors and pursuant to Section 606 of New York Banking Law, DFS had taken possession of Signature Bank.

The Complaint alleges that Defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose, among other things, that: (1) Signature Bank did not have the strong fundamentals that it represented itself as having in the days immediately prior to its takeover, or otherwise took action that left it susceptible to a takeover by the DFS; (2) as a result, it became a target for regulatory action by the DFS, and (3) as a result, Defendants’ public statements were materially false and/or misleading at all relevant times. Finally, the Complaint alleges that when the true details entered the market, investors suffered damages.

On August 10, 2023, the Court issued an Order consolidating cases and appointing Lead Plaintiff and Counsel. All future docketing was ordered to be done in the lead case 23-CV-01921.

Lead Plaintiff filed a consolidated Complaint on November 20, 2023. Lead Plaintiff corrected the consolidated Complaint on December 1.