BENSALEM, Pa.–(BUSINESS WIRE)–$MBNKF #classaction–Law Offices of Howard G. Smith reminds investors of the upcoming July
29, 2019 deadline to file a lead plaintiff motion in the class
action filed on behalf of investors who purchased Metro Bank PLC (“Metro
Bank” or the “Company”) (OTC: MBNKF)
securities between March 6, 2018 and May 1, 2019, inclusive (the
“Class Period”).
Investors suffering losses on their Metro Bank investments are
encouraged to contact the Law Offices of Howard G. Smith to discuss
their legal rights in this class action at 888-638-4847 or by email to [email protected].
On January 23, 2019, Metro Bank revealed that it misclassified the risk
of hundreds of millions of loans.
On this news, the Company’s share price fell $10.00 per share, or nearly
35%, to close at $18.80 per share on January 23, 2019, thereby injuring
investors.
Then, on January 31, 2019, media reported that the accounting errors
were revealed only after the Prudential Regulatory Authority raised
concerns with Metro Bank’s loans.
On this news, the Company’s share price fell $1.70 per share, or nearly
11%, to close at $14.80 per share on January 31, 2019, thereby injuring
investors further.
Then, on February 27, 2019, media reported that Metro Bank faced several
investigations by Prudential Regulation Authority and Financial Conduct
Authority due to the accounting errors.
On this news, the Company’s share price fell $3.92 per share, or over
22%, to close at $13.25 per share on February 27, 2019, thereby injuring
investors further.
On May 1, 2019, Metro Bank announced that it lost some large commercial
and partnership customers due to Metro Bank’s misclassification of loans.
On this news, the Company’s share price fell $1.69 per share, or over
16%, to close at $8.76 on May 2, 2019, thereby injuring investors.
The complaint filed in this class action alleges that throughout the
Class Period, Defendants made materially false and/or misleading
statements, as well as failed to disclose material adverse facts about
the Company’s business, operations, and prospects. Specifically,
Defendants failed to disclose to investors: (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.
If you purchased shares of Metro Bank during the Class Period you may
move the Court no later than July 29, 2019 to ask the
Court to appoint you as lead plaintiff if you meet certain legal
requirements. To be a member of the class action you need not take any
action at this time; you may retain counsel of your choice or take no
action and remain an absent member of the class action. If you wish
to learn more about this class action, or if you have any questions
concerning this announcement or your rights or interests with respect to
these matters, please contact Howard G. Smith, Esquire, of Law Offices
of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania
19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by
email to [email protected],
or visit our website at www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
Contacts
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
[email protected]
www.howardsmithlaw.com
