Labaton Keller Sucharow serves as Lead Counsel in a securities class action against New York Community Bancorp, Inc. (NYCB or the Company) (NYSE: NYCB) and certain NYCB officers (collectively, Defendants).  The action asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the Exchange Act), U.S. Securities and Exchange Commission Rule 10b-5 promulgated thereunder, and the Securities Act of 1933 (the Securities Act). on behalf of all persons or entities who purchased or otherwise acquired NYCB securities between July 27, 2022 and February 29, 2024, inclusive (the Class Period).

NYCB is a publicly traded bank and a leading commercial real estate (CRE) lender, with a loan portfolio concentrated in multi-family residential properties and commercial office and retail spaces. The case alleges that, amid deteriorating CRE market conditions, Defendants engaged in reckless practices that heightened NYCB’s risk exposure while misleading investors about regulatory oversight, the adequacy of its risk management and loan review practices, asset quality, and internal controls. In April 2021, NYCB announced a merger with competitor Flagstar Bancorp, Inc., which would nearly double the Company’s assets (the Flagstar Merger). After failing to secure regulatory approval, NYCB restructured the transaction to operate under a national rather than state bank charter, subjecting the combined entity to different regulatory oversight. In March 2023, following the collapse of three major banks, including Signature Bank, NYCB acquired $38.8 billion of Signature Bank’s assets. By March 2024, NYCB faced a severe financial crisis and required a $1 billion capital infusion from a consortium of investors to remain solvent.

On May 7, 2024, the court appointed Boston Retirement System (BRS) as lead plaintiff and Labaton Keller Sucharow as lead counsel in the consolidated action, after the Firm successfully demonstrated that BRS’s chief rival for lead plaintiff status, which suffered a greater financial loss, had “atypical trading patterns” that subjected it to unique defenses and rendered it incapable of adequately representing the class.

On September 25, 2024, the Firm filed an Amended Complaint on behalf of Lead Plaintiff BRS and additional Plaintiff Indiana Public Retirement System. The Amended Complaint alleges that, during the Class Period, Defendants made false and misleading statements reassuring investors about NYCB’s superior risk management, asset quality, and internal controls. The Amended Complaint identified 81 alleged misstatements in support of its Exchange Act claims regarding (1) FDIC’s opposition to the Flagstar Merger; (2) NYCB’s risk management practices and controls; (3) NYCB’s loan review process and asset quality; and (4) NYCB’s creation and maintenance of internal controls.  It also asserts claims of strict liability and negligence under the Securities Act.

On November 21, 2025, Defendants filed a Motion to Dismiss.  Following an in-depth review of the alleged misstatements and confidential witness testimony, the court denied Defendants’ Motion to Dismiss the Amended Complaint in its entirety on September 29, 2026.

The case is In re New York Community Bancorp, Inc. Securities Litigation, No. 1:24-cv-00903 (E.D.N.Y.).  Labaton Keller Sucharow represents Lead Plaintiff Boston Retirement System and Additional Plaintiff Indiana Public Retirement System.