NEW YORK–(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;–The law firm of Kirby
McInerney LLP announces that a class action lawsuit has been filed
in the U.S. District Court for the Southern District of New York on
behalf of those who acquired Equity Bancshares, Inc. (“Equity
Bancshares” or the “Company”) (NASDAQ: EQBK)
securities during the period from May 11, 2018 through April 22, 2019
(the “Class Period”). Investors have until July 12, 2019 to apply to the
Court to be appointed as lead plaintiff in the lawsuit.
The lawsuit alleges that Equity Bancshares made materially false and
misleading statements and/or failed to disclose that: (i) the Company
lacked adequate internal controls to assess credit risk; (ii) as a
result, certain of the Company’s loans posed an increased risk of loss;
and (iii) as a result, the Company was reasonably likely to incur
significant losses for certain substandard loans.
On April 22, 2019, after the market closed, the Company reported a $4.1
million net loss for the first quarter of 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, approximately 16.15%, to close at
$24.71 on April 23, 2019.
If you acquired Equity Bancshares securities during the Class Period,
have information, or would like to learn more about these claims, please
contact Thomas W. Elrod of Kirby McInerney at 212-371-6600, by email at [email protected],
or by filling out this
contact form, to discuss your rights or interests with respect to
these matters without any cost to you.
Kirby
McInerney is a New York-based plaintiffs’ law firm concentrating in
securities, antitrust, and whistleblower litigation. The firm’s efforts
on behalf of shareholders in securities litigation have resulted in
recoveries totaling billions of dollars. Additional information about
the firm can be found at Kirby McInerney’s website: www.kmllp.com.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
Contacts
Kirby McInerney LLP
Thomas W. Elrod, Esq., (212) 371-6600
[email protected]
www.kmllp.com
