Metro Bank PLC
| Company Name | Metro Bank PLC |
| Stock Symbol | MBNKF |
| Class Period | March 06, 2018 to May 01, 2019 |
| Lead Plaintiff Motion Deadline | July 29, 2019 |
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.
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