First Republic Bank March 16, 2023 Join Investigation Principle Contacts Pamela MayerPMayer@kaplanfox.com NEW YORK, NY – March 16, 2023 – Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating claims on behalf of investors of First Republic Bank (“First Republic” or the “Company”) (NYSE: FRC). If you would like to discuss our investigation, please contact us by emailing pmayer@kaplanfox.com or by calling (646) 315-9003, or click here. Following the collapse of Silicon Valley Bank and others, on March 12, 2023, First Republic said it had “further enhanced and diversified its financial position through access to additional liquidity from the Federal Reserve Bank and JPMorgan Chase & Co.” Further, First Republic’s CEO and President stated “First Republic’s capital and liquidity positions are very strong, and its capital remains well above the regulatory threshold for well-capitalized banks.” On March 13, 2023, First Republic led a decline in bank shares over concerns that it may not have sufficient liquidity, even after securing emergency funding from other institutions. A number of analysts downgraded the stock, including Raymond James, which stated “[d]espite the added liquidity sources, we believe deposit balances will remain under pressure in the immediate near term.” On this news, First Republic’s stock price fell $50.55, or 61.8%, to close at $31.21 per share on March 13, 2023. On March 16, 2023, The Wall Street Journal published an article entitled “First Republic Bank Executives Sold $12 Million in Stock in Months Before Crash,” reporting on the sale of millions of dollars of company stock by top executives in the two months before the bank’s shares plummeted. In total, the article reports that insiders, including the Company’s chief risk officer, executive chairman, chief credit officer, its president of private wealth management and chief executive sold $11.8 million worth of stock at prices averaging just below $130 per share. WHY CONTACT KAPLAN FOX – Kaplan Fox is a leading national law firm focusing on complex litigation with offices in New York, Oakland, Los Angeles, Chicago and New Jersey. With over 50 years of experience in securities litigation, Kaplan Fox offers the professional experience and track record that clients demand. Through prosecuting cases on the federal and state levels, Kaplan Fox has successfully shaped the law through winning many important decisions on behalf of our clients. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com. This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules. If you have any questions about this investigation, please contact: Pamela Mayer KAPLAN FOX & KILSHEIMER LLP800 Third Avenue, 14th FloorNew York, New York 10022(646) 315-9003E-mail: pmayer@kaplanfox.com Laurence D. KingKAPLAN FOX & KILSHEIMER LLP1999 Harrison Street, Suite 1560Oakland, California 94612(415) 772-4704Fax: (415) 772-4707E-mail: lking@kaplanfox.com Connect with Kaplan Fox. Receive a complimentary case review now. Contact Us Integra LifeSciences Holdings Corporation See the Case Eos Energy Enterprises, Inc. See the Case Shift4 Payments, Inc. See the Case Hawaiian Electric Industries, Inc. See the Case Masimo Corporation See the Case Hayward Holdings, Inc. See the Case NAPCO Security Technologies, Inc. See the Case Blink Charging Co. See the Case Sea Limited See the Case Baxter International, Inc. See the Case RTX Corporation See the Case BioXcel Therapeutics, Inc. See the Case
