According to the Complaint, First Republic Bank is a California state-chartered bank and trust company.

The Complaint alleges that, throughout the Class Period, Defendants misrepresented the strength of First Republic’s balance sheet, liquidity, and position in the market. Among other things, the Complaint alleges Defendants understated and concealed the magnitude of the risks facing the Company’s business model that would result from any decision by the Federal Reserve System raising the federal funds rate, thereby undermining the value of the Company’s loan and securities portfolios and liquidity. Finally, the Complaint alleges that, as a result of Defendants’ misrepresentations and omissions, First Republic securities traded at artificially inflated prices during the Class Period.

This case was voluntarily dismissed on June 16, 2023. A related case continues under Docket 23-CV-02940, and the Clearinghouse will track this case as the Reference Complaint.

On November 24, 2023, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an Amended Complaint on February 13, 2024. Defendants filed Motions to Dismiss the Amended Complaint on May 23.

On June 9, 2025, the Court issued an Order granting Defendants' Motions to Dismiss. The case was dismissed with prejudice.

On July 9, 2025, Lead Plaintiff filed a Notice of Appeal to the United States Court of Appeals for the Ninth Circuit, citing their intention to appeal the District Court's Dismissal Order.