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Lead Plaintiff Deadline 10/03/2023
The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Northern District of Ohio on behalf of those who acquired Keycorp (“Key” or the “Company”) (NYSE: KEY) securities during the period from February 27, 2020 through June 9, 2023 (the “Class Period”). Investors have until October 3, 2023 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
Key, through its subsidiaries, provides retail and commercial banking, commercial leasing, investment management, consumer finance, and investment banking products and services to clients. 

On March 4, 2023, after markets closed, Key filed its presentation slides for the RBC Capital Markets Financial Institutions Conference as an exhibit to a current report on Form 8-K with the SEC.  On a slide titled “2023 Outlook,” the Company disclosed that it had downwardly revised its FY 2023 guidance for its net interest income (NII), stating that it expects FY 2023 NII to rise by 1% to 4 compared to FY 2022, representing a significant reduction from the Company’s prior guidance that FY 2023 NII would rise 6% to 9% compared to FY 2022. Key attributed this negatively revised guidance to “Deposit Beta and Funding Costs,” explaining that “[m]arginal funding costs are increasing with rising market interest rates, and are expected to weigh on [NII.]” On this news, the price of Key shares declined by $0.60 per share, or approximately 3.31%, from $18.15 per share to close at $17.55 on March 7, 2023.
The lawsuit alleges that, throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose that: (i) Key overstated its positive NII drivers; and (ii) the foregoing, once revealed, was likely to negatively impact Key’s business, financial results, and reputation.

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