INVESTIGATION ALERT: Edelson Lechtzin LLP Announces an Investigation into New York Community Bancorp (NYSE: NYCB) and Encourages Investors with Substantial Losses or Witnesses with Relevant Information to Contact the Firm
NEWTOWN, PA, March 1, 2024 — Edelson Lechtzin LLP is investigating potential violations of the federal securities laws involving New York Community Bancorp (NYSE: NYCB) resulting from allegations of providing potentially misleading business information to the investing public.
If you have non-public information that could assist in the NYCB Investigation or if you are a NYCB investor who suffered a loss and would like to learn more, you can provide your information HERE.
You can also contact attorneys Marc Edelson of Edelson Lechtzin LLP by calling 844-563-5550 or via e-mail at [email protected].
THE COMPANY: NYCB is a commercial real estate lender in Hicksville, NY, with $114 billion in assets. It’s among the 30 largest U.S. banks.
THE ALLEGED WRONGDOING: New York Community Bancorp is facing significant challenges, including the departure of its CEO, Thomas Cangemi, internal control issues, and a $2.7 billion loss in the fourth quarter 2023.
After CEO Thomas Cangemi’s unexpected resignation, Alessandro DiNello, the bank’s Executive Chairman, was named as his successor. DiNello previously served as CEO of Flagstar Bank. Since February 6, he has been overseeing NYCB’s operations, due to changes in the company’s bylaws.
NYCB recently announced that they experienced a significant increase in losses during Q4 2023. This was caused by a non-cash impairment charge of $2.4 billion related to transactions dating back at least 17 years. The bank also identified material weaknesses in its internal controls concerning internal loan review, which caused a delay in the filing of its annual report.
DiNello, the bank’s new CEO, has assured investors that the bank is committed to stability, claiming NYCB has hired new executives to key positions, including a Chief Risk Officer and Chief Account Executive, to address the challenges faced by the bank.
THE REVELATION: As a result of these events, New York Community Bancorp witnessed its stock plummet by 28% at the market open on March 1, reaching its lowest price since 1996.
ABOUT EDELSON LECHTZIN LLP: Edelson Lechtzin LLP is a national class action law firm with offices in Pennsylvania and California. In addition to cases involving securities and investment fraud, our lawyers focus on class and collective litigation in cases alleging violations of the federal antitrust laws, employee benefit plans under ERISA, wage theft and unpaid overtime, consumer fraud, and dangerous and defective drugs and medical devices.
For more information, please contact:
Marc H. Edelson, Esq.
Eric Lechtzin, Esq.
EDELSON LECHTZIN LLP
411 S. State Street
Suite N-300
Newtown, PA 18940
Phone: 844-696-7492 or 215-867-2399 ext. 1
Email: [email protected]
Email: [email protected]
Web: www.edelson-law.com
This press release may be considered Attorney Advertising in some jurisdictions. No class has been certified in this case, so you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. Your ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.