NEW ORLEANS–(BUSINESS WIRE)–Kahn Swick & Foti, LLC (“KSF”) and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until July 29, 2019 to file lead plaintiff applications in a securities class action lawsuit against Metro Bank PLC (OTC: MBNKF), if they purchased the Company’s securities between March 6, 2018 and May 1, 2019, inclusive (the “Class Period”). This action is pending in the United States District Court for the Central District of California.
What You May Do
If you purchased securities of Metro Bank and would like to discuss your legal rights and how this case might affect your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email ([email protected]), or visit https://www.ksfcounsel.com/cases/otc-mbnkf/ to learn more. To serve as a lead plaintiff in this class action, you must petition the Court by July 29, 2019.
About the Lawsuit
Metro Bank and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On January 23, 2019, the Company disclosed that it had misclassified the risk of a substantial number of its commercial loans. On May 1, 2019, the Company revealed its 1Q2019 results including a 3.6% reduction in deposits, the loss of a “small number of large commercial and partnership customers,” lowered growth expectations for the year, and a 50% decline in profit from a year earlier.
On this news, the price of Metro Bank’s shares plummeted.
The case is Amann v. Metro Bank Plc, 19-cv-4739.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is a law firm focused on securities, antitrust and consumer class actions, along with merger & acquisition and breach of fiduciary litigation against publicly traded companies on behalf of shareholders. The firm has offices in New York, California and Louisiana.
To learn more about KSF, you may visit www.ksfcounsel.com.
Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner
1100 Poydras St., Suite 3200
New Orleans, LA 70163