Signature Bank and former executives sued by shareholders for alleged fraud

Shareholders have accused the bank of falsely claiming to be “financially strong” just three days before it was seized by the state regulator.

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On March 14, a class action lawsuit was filed against the recently shut down crypto-friendly, New York-based Signature Bank, and its former chief executive office, Joseph DePaolo, chief financial officer, Stephen Wyremski, and chief operating officer, Eric Howell, for allegedly committing fraud Reuters reported. 

Shareholders have accused the bank of falsely claiming to be “financially strong” just three days before it was seized by the state regulator. The lawsuit seeks unspecified damages for shareholders who held stock between March 2 and 12, 2023.

The lawsuit was filed in federal court

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