: Western Alliance Bancorp halted as bank denies it’s pondering a sale

Western Alliance Bancorp WAL is currently halted after the company said a report by the Financial Times that the bank is considering strategic alternatives for its business is “categorically false,” according to a statement.  “There is not a single element of the article that is true,” Western Alliance Bancorp said. “Western alliance is not exploring a sale nor hasn’t hired an advisor to explore strategic options. It is shameful and irresponsible that the Financial Times has allowed itself to be used as an instrument of short sellers, and as a conduit for spreading false narratives about a financially sound and profitable bank.” Western Alliance stock was down 39% after it was halted. It had fallen as much as 60% earlier in the day after the report initially surfaced. The move down came despite an update from the bank about growth in deposits and an increased mix of insured deposits at its franchise.

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