First Republic Bank

Ticker: FRC

Class Period Start: 01/14/2021

Class Period End: 03/14/2023

Registration Deadline: 06/23/2023

A securities class action has been filed in the USDC – N.D.CA. against First Republic Bank (FRC) (hereinafter “First Republic” or “the Company”) on behalf of all persons and entities who purchased or otherwise acquired First Republic securities between January 14, 2021 through March 14, 2023.

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, 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. As a result of Defendants’ misrepresentations and omissions, First Republic securities traded at artificially inflated prices during the Class Period.

The truth began to emerge on October 14, 2022, when First Republic announced disappointing third quarter 2022 financial results, reporting that the Company’s net interest income growth had slowed to 20.6% year-over-year (down from 24.1% year-over-year growth the prior quarter) and its net interest margin (“NIM”) had plummeted to 2.71% (down from 2.80% the prior quarter). First Republic attributed the decrease in the Company’s NIM to “average funding costs increasing more rapidly than the offsetting increase in the average yields on interest-earning assets.” As a result of these disclosures, the price of First Republic common stock declined by $22.14 per share, or more than 16%. Investors learned more about First Republic’s vulnerability on March 15, 2023, when S&P Global Rating downgraded its long-term issuer credit rating and preferred stock issue rating for First Republic. That same day, Fitch Ratings announced that it had also downgraded First Republic’s credit rating.

On the news of the downgrades, the price of First Republic common stock declined by $8.47 per share, or more than 21%.

If you purchased First Republic securities during the Class Period and would like to receive more information or join the action, please enter your contact information below and click “Submit Your Information”.

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