New York Community Bancorp, Inc. (NYSE: NYCB)

This lawsuit is for anyone who acquired securities in New York Community Bancorp, Inc. (NYSE: NYCB) from March 1, 2023 through January 30, 2024.

The lawsuit alleges that the Company and certain of its executives violated federal law. Specifically, the lawsuit alleges that, throughout the time period mentioned above, the Company misled investors regarding its financial condition. More specifically, the lawsuit alleges that the Company misled investors by failing to timely inform investors of uncollectable loans the Company made.

On January 31, 2024, NYCB reported a fourth quarter 2023 net loss of $252 million. This loss was significantly due to “a $552 million provision for loan losses,” which was “primarily attributable to higher net charge-offs[.]”  Additionally, the Company disclosed that it would cut its quarterly dividend to $0.05 per common share. On this news, the price of the Company’s stock dropped precipitously on unusually heavy trading volume.

The Law Offices of Howard G. Smith seeks to recover damages on behalf of class members. If you acquired securities in New York Community Bancorp, Inc. (NYSE: NYCB) from March 1, 2023 through January 30, 2024 you may join the lawsuit by submitting your information online, or you may call the Law Offices of Howard G. Smith and speak to Mr. Smith directly to learn how he can protect your rights.