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Flagstar Financial Inc.
If you held Flagstar shares in December 2022, you may be entitled to join the lawsuit.
Flagstar Financial Inc.
If you held Flagstar shares in December 2022, you may be entitled to join the lawsuit.
Flagstar Financial Inc.
If you held Flagstar shares in December 2022, you may be entitled to join the lawsuit.
A class action lawsuit has been filed on behalf of all investors who held shares of Flagstar Bank N.A. (“Flagstar”) at the time of its merger with New York Community Bancorp, Inc. (“NYCB”) in December 2022. The lawsuit alleges that the combined company and certain of its executives misled Flagstar shareholders by overstating the company’s financial condition and failing to disclose critical risks—resulting in significant investor losses.
CASE OVERVIEW
According to the complaint, the offering documents used to promote the merger included numerous false and misleading statements, such as:
Inflating NYCB’s income, goodwill, and total assets
Understating expenses and potential losses
Misrepresenting NYCB’s underwriting practices and risk management systems
Following the merger, the truth about NYCB’s financial condition began to emerge. On January 31, 2024, NYCB disclosed a $252 million net loss, triggering a 38% drop in its stock price. Additional disclosures revealed:
Inadequate internal controls
Poor risk oversight
A flawed internal loan review process
Major credit downgrades and executive resignations
By March 2024, NYCB had announced a $2.4 billion goodwill impairment and admitted to material weaknesses in its internal controls—causing further stock declines. Flagstar shareholders who received NYCB stock in the merger allege that they were misled into accepting overvalued NYCB stock and suffered severe financial harm.
YOUR OPTIONS
The lawsuit has been filed, but no class has been certified yet. That means you are not automatically represented unless you take action. You can:
Review a copy of the Complaint
Speak with our legal team about your options
For a free consultation, contact us today at 203-658-8455 to learn more or submit your information below.
Our Firm has been retained to evaluate whether you can participate in the class.
ABOUT PASTORE LLC
Joseph M. Pastore III
Chairman
Stamford | New York
203-658-8455
jpastore@pastore.net
Pastore LLC was founded by a team of elite litigators who left behind the bureaucracy of large corporate firms to build a practice rooted in agility, excellence, and results. With decades of combined experience at some of the most prestigious Wall Street law firms and financial institutions, our attorneys offer clients a rare combination of deep industry knowledge and courtroom firepower.
Our team includes former general counsel of major brokerage firms and veterans of firms such as Skadden, Kelley Drye, Proskauer, Paul Weiss, Mayer Brown, and others. One of our attorneys has been recognized by The American Lawyer as one of the top litigators in the nation. We have secured significant victories for clients at trial, in arbitration, and on appeal in complex, high-stakes matters across state and federal courts nationwide.
Our practice spans a broad range of litigation areas—including partnership disputes, securities fraud, alternative investments, distressed debt, antitrust, real estate, construction, and employment law. We have also served as lead counsel on major class actions involving consumer products, pharmaceuticals, and construction materials.
Clients come to us when the stakes are high and the issues are complex. Pastore delivers the sophistication of a top-tier firm with the focus, creativity, and efficiency of a litigation boutique. Among our alumni is the current Lieutenant Governor of the State of Connecticut, underscoring the caliber of our team and the respect we have earned in the legal and public spheres.
A class action lawsuit has been filed on behalf of all investors who held shares of Flagstar Bank N.A. (“Flagstar”) at the time of its merger with New York Community Bancorp, Inc. (“NYCB”) in December 2022. The lawsuit alleges that the combined company and certain of its executives misled Flagstar shareholders by overstating the company’s financial condition and failing to disclose critical risks—resulting in significant investor losses.
CASE OVERVIEW
According to the complaint, the offering documents used to promote the merger included numerous false and misleading statements, such as:
Inflating NYCB’s income, goodwill, and total assets
Understating expenses and potential losses
Misrepresenting NYCB’s underwriting practices and risk management systems
Following the merger, the truth about NYCB’s financial condition began to emerge. On January 31, 2024, NYCB disclosed a $252 million net loss, triggering a 38% drop in its stock price.
Additional disclosures revealed:
Inadequate internal controls
Poor risk oversight
A flawed internal loan review process
Major credit downgrades and executive resignations
By March 2024, NYCB had announced a $2.4 billion goodwill impairment and admitted to material weaknesses in its internal controls—causing further stock declines. Flagstar shareholders who received NYCB stock in the merger allege that they were misled into accepting overvalued NYCB stock and suffered severe financial harm.
YOUR OPTIONS
The lawsuit has been filed, but no class has been certified yet. That means you are not automatically represented unless you take action. You can:
Review a copy of the Complaint
Speak with our legal team about your options
For a free consultation, contact us today.
ABOUT PASTORE LLC
Joseph M. Pastore III
Chairman
Stamford | New York
203-658-8455
jpastore@pastore.net
Pastore LLC was founded by a team of elite litigators who left behind the bureaucracy of large corporate firms to build a practice rooted in agility, excellence, and results. With decades of combined experience at some of the most prestigious Wall Street law firms and financial institutions, our attorneys offer clients a rare combination of deep industry knowledge and courtroom firepower.
Our team includes former general counsel of major brokerage firms and veterans of firms such as Skadden, Kelley Drye, Proskauer, Paul Weiss, Mayer Brown, and others. One of our attorneys has been recognized by The American Lawyer as one of the top litigators in the nation. We have secured significant victories for clients at trial, in arbitration, and on appeal in complex, high-stakes matters across state and federal courts nationwide.
Our practice spans a broad range of litigation areas—including partnership disputes, securities fraud, alternative investments, distressed debt, antitrust, real estate, construction, and employment law. We have also served as lead counsel on major class actions involving consumer products, pharmaceuticals, and construction materials.
Clients come to us when the stakes are high and the issues are complex. Pastore delivers the sophistication of a top-tier firm with the focus, creativity, and efficiency of a litigation boutique. Among our alumni is the current Lieutenant Governor of the State of Connecticut, underscoring the caliber of our team and the respect we have earned in the legal and public spheres.
A class action lawsuit has been filed on behalf of all investors who held shares of Flagstar Bank N.A. (“Flagstar”) at the time of its merger with New York Community Bancorp, Inc. (“NYCB”) in December 2022. The lawsuit alleges that the combined company and certain of its executives misled Flagstar shareholders by overstating the company’s financial condition and failing to disclose critical risks—resulting in significant investor losses.
CASE OVERVIEW
According to the complaint, the offering documents used to promote the merger included numerous false and misleading statements, such as:
Inflating NYCB’s income, goodwill, and total assets
Understating expenses and potential losses
Misrepresenting NYCB’s underwriting practices and risk management systems
Following the merger, the truth about NYCB’s financial condition began to emerge. On January 31, 2024, NYCB disclosed a $252 million net loss, triggering a 38% drop in its stock price. Additional disclosures revealed:
Inadequate internal controls
Poor risk oversight
A flawed internal loan review process
Major credit downgrades and executive resignations
By March 2024, NYCB had announced a $2.4 billion goodwill impairment and admitted to material weaknesses in its internal controls—causing further stock declines. Flagstar shareholders who received NYCB stock in the merger allege that they were misled into accepting overvalued NYCB stock and suffered severe financial harm.
YOUR OPTIONS
The lawsuit has been filed, but no class has been certified yet. That means you are not automatically represented unless you take action. You can:
Review a copy of the Complaint
Speak with our legal team about your options
For a free consultation, contact us today at 203-658-8455 to learn more or submit your information below.
Our Firm has been retained to evaluate whether you can participate in the class.
ABOUT PASTORE LLC
Joseph M. Pastore III
Chairman
Stamford | New York
203-658-8455
jpastore@pastore.net
Pastore LLC was founded by a team of elite litigators who left behind the bureaucracy of large corporate firms to build a practice rooted in agility, excellence, and results. With decades of combined experience at some of the most prestigious Wall Street law firms and financial institutions, our attorneys offer clients a rare combination of deep industry knowledge and courtroom firepower.
Our team includes former general counsel of major brokerage firms and veterans of firms such as Skadden, Kelley Drye, Proskauer, Paul Weiss, Mayer Brown, and others. One of our attorneys has been recognized by The American Lawyer as one of the top litigators in the nation. We have secured significant victories for clients at trial, in arbitration, and on appeal in complex, high-stakes matters across state and federal courts nationwide.
Our practice spans a broad range of litigation areas—including partnership disputes, securities fraud, alternative investments, distressed debt, antitrust, real estate, construction, and employment law. We have also served as lead counsel on major class actions involving consumer products, pharmaceuticals, and construction materials.
Clients come to us when the stakes are high and the issues are complex. Pastore delivers the sophistication of a top-tier firm with the focus, creativity, and efficiency of a litigation boutique. Among our alumni is the current Lieutenant Governor of the State of Connecticut, underscoring the caliber of our team and the respect we have earned in the legal and public spheres.