03:32 PM EDT, 03/11/2024 (MT Newswires) -- New York Community Bancorp ( NYCB/PU ) is facing a class action lawsuit for allegedly making false statements and concealing higher loan losses and deteriorating office portfolio, law firm Levi & Korsinsky said Monday.

The complaint alleges that the bank's positive statements about the business, operations and prospects were misleading because the bank would have to increase its allowance for credit losses which would adversely affect its financial results and reduce its dividend payout.

New York Community Bancorp ( NYCB/PU ) did not immediately respond to MT Newswires' request for comment.

NYCB shares were down nearly 5% in recent trading.

Price: 3.27, Change: -0.15, Percent Change: -4.53