NEW YORK, June 26, 2019 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Metro Bank PLC ("Metro Bank" or the "Company")(OTC:MBNKF) of the July 29, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Metro Bank stock or options between March 6, 2018 and May 1, 2019 and would like to discuss your legal rights, click here: www.faruqilaw.com/MBNKF . There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org.
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Attn: Richard Gonnello, Esq.
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The lawsuit has been filed in the U.S. District Court for the Central District of California on behalf of all those who purchased Metro Bank securities between March 6, 2018 and May 1, 2019 (the "Class Period"). The case, Amann v. Metro Bank PLC et al., No. 19-cv-04739 was filed on May 30, 2019 and has been assigned to Judge Andre Birotte Jr.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing 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 May 1, 2019, Metro Bank announced that it lost some large commercial and partnership customers following a disclosure earlier in the year of an accounting error in the Company’s risk-weighted assets, as well as adjustments made for the Company’s full year 2018 results.
On this news, Metro Bank's share price fell from $10.45 per share on May 1, 2019 to a closing price of $8.50 on May 3, 2019: a $1.95 or a 18.66% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Metro Bank's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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