SAN DIEGO & LONDON–(BUSINESS WIRE)–$MBNKF #ClassAction–Shareholder rights law firm Robbins
Arroyo LLP announces that a purchaser of Metro Bank PLC (OTC: MBNKF)
has filed a class action complaint against the company for alleged
violations of the Securities and Exchange Act of 1934 between March 6,
2018 and May 1, 2019. Metro Bank provides retail and commercial banking
services in the United Kingdom.
View this information on the law firm’s Shareholder Rights Blog: https://www.robbinsarroyo.com/metro-bank-plc/
Metro Bank Accused of Misleading Investors
According to the complaint, Metro Bank falsely represented the
effectiveness of its risk management policies and control since 2018. In
January 2019, Metro Bank disclosed that it had misclassified the risk
terms of hundreds of millions of pounds of loans. On this news, Metro
Bank’s stock fell nearly 35% to close at $18.80 per share on January 23,
2019. On January 31, 2019, the Financial Times revealed that the
realization of the accounting errors was not found during Metro Bank’s
own audit, but was in response to a financial services regulatory body’s
concerns with its loans. In February 2019, Metro Bank revealed that the
multiple regulatory bodies had initiated investigations into the
situation. On this news, Metro Bank’s shares fell over 22% to close at
$13.25 per share on February 27, 2019. In May 2019, Metro Bank’s 1Q
presentation revealed reduced profits and a loss of a number of large
customers due to the misclassification fiasco. On this news, Metro
Bank’s stock fell over 18% over the next two trading days to close at
$8.50 per share on May 3, 2019, and has yet to recover.
Metro Bank Shareholders Have Legal Options
Concerned shareholders who would like more information about their
rights and potential remedies can contact attorney Leo Kandinov at (800)
350-6003, [email protected],
or via the shareholder
information form on the firm’s website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder
rights law. The firm represents individual and institutional investors
in shareholder derivative and securities class action lawsuits, and has
helped its clients realize more than $1 billion of value for themselves
and the companies in which they have invested.
Attorney Advertising. Past results do not guarantee a similar outcome.
Contacts
Leo Kandinov
Robbins Arroyo LLP
5040 Shoreham Place
San
Diego, CA 92122
[email protected]
(619)
525-3990 or Toll Free (800) 350-6003
www.robbinsarroyo.com
