BENSALEM, Pa.–(BUSINESS WIRE)–lt;a href=”https://twitter.com/search?q=%24EQBK&src=ctag” target=”_blank”gt;$EQBKlt;/agt; lt;a href=”https://twitter.com/hashtag/classaction?src=hash” target=”_blank”gt;#classactionlt;/agt;–Law Offices of Howard G. announces that a class action lawsuit has been
filed on behalf of investors who purchased Equity Bancshares, Inc.
(“Equity Bancshares” or the “Company”) (NASDAQ: EQBK)
securities between May 11, 2018 and April 22, 2019, inclusive
(the “Class Period”). Equity Bancshares investors have until July
12, 2019 to file a lead plaintiff motion.
Investors suffering losses on their Equity Bancshares investments are
encouraged to contact the Law Offices of Howard G. Smith to discuss
their legal rights in this class action at 888-638-4847 or by email to [email protected].
On April 22, 2019, after the market closed, the Company reported a $4.1
million net loss for first quarter 2019, partly due to a $14.5 million
impairment for loss against a credit relationship.
On this news, the Company’s share price fell $4.76, or over 16%, to
close at $24.71 per share on April 23, 2019, thereby damaging investors.
The complaint filed in this class action alleges that the Registration
Statements were false and misleading and omitted to state material
adverse facts. Throughout the Class Period, Defendants made materially
false and/or misleading statements, as well as failed to disclose
material adverse facts about the Company’s business, operations, and
prospects. Specifically, Defendants failed to disclose to investors: (1)
that the Company lacked adequate internal controls to assess credit
risk; (2) that, as a result, certain of the Company’s loans posed an
increased risk of loss; (3) that, as a result, the Company was
reasonably likely to incur significant losses for certain substandard
loans; and (4) that, as a result of the foregoing, Defendants’ positive
statements about the Company’s business, operations, and prospects were
materially misleading and/or lacked a reasonable basis.
If you purchased shares of Equity Bancshares, have information or would
like to learn more about these claims, or have any questions concerning
this announcement or your rights or interests with respect to these
matters, please contact Howard G. Smith, Esquire, of Law Offices of
Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania
19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by
email to [email protected],
or visit our website at www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
Contacts
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
[email protected]
www.howardsmithlaw.com
