NEW YORK, May 12, 2023 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Valley National Bancorp (“Valley National” or the “Company”) ( VLY). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether Valley National and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
[Click here for information about joining the class action]
On May 1, 2023, Raymond James analyst Stephen Moss cut the recommendation on Valley National, the holding company for Valley National Bank and Merchants Bank of New York, to “market perform” from “strong buy,” stating that “the risk of revenue challenges has increased due to rapidly increasing funding costs for the [banking] industry.” Moss noted that Valley National’s “deposit costs have increased at a faster rate relative to peers” and expressed “concern[] that deposit costs will continue to increase until the gap with Fed funds narrows further.” On this news, Valley National’s stock price fell sharply during intraday trading on May 1, 2023.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]
888-476-6529 ext. 7980
