NEW YORK, May 12, 2023 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Metropolitan Bank Holding Corp. (“MCB” or the “Company”) (NYSE: MCB). Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.
The investigation concerns whether Metropolitan Bank and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On March 30, 2023, Vidar Research (“Vidar”) published a short report entitled “Metropolitan Commercial Bank is a mixed bag of problems”. The Vidar report noted that Metropolitan Commercial Bank “is the issuer of choice for prepaid debit cards of crypto firms”, asserted that Metropolitan Commercial Bank is “bleeding deposits”, questioned whether the bank was actually moving away from cryptocurrency (as it had announced), and described its balance sheet as “shocking comparable to the failed Signature Bank”. The Vidar report concluded that Metropolitan Commercial Bank “is a failed bank and that it will share the fate” of Signature Bank and Silicon Valley Bank.
On this news, MCB’s stock price fell $9.66 per share, or 27.58%, to close at $25.36 per share on March 30, 2023.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980
