BENSALEM, Pa.–(BUSINESS WIRE)–$SBT #classaction–Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Sterling Bancorp, Inc. (“Sterling Bancorp” or the “Company”) (NASDAQ: SBT) common stock: (a) pursuant and/or traceable to the Company’s initial public offering commenced on or about November 17, 2017 (the “IPO” or “Offering”); and/or (b) between November 17, 2017 and December 8, 2019, inclusive (the “Class Period”). Sterling Bancorp investors have until April 27, 2020 to file a lead plaintiff motion.
Investors suffering losses on their Sterling Bancorp 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 December 9, 2019, Sterling Bancorp disclosed that its subsidiary, Sterling Bank and Trust, FSB, suspended its Advantage Loan program due to an ongoing internal review of documentation on past loans and due to an implementation of “systems and controls to ensure the Bank’s policies and procedures are followed on loans originated under the program.”
On this news, the Company’s stock price fell $2.16, or nearly 23%, to close at $7.29 per share on December 9, 2019, thereby injuring investors.
The complaint alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose facts concerning the Company’s loan underwriting, risk management and internal controls, including repeatedly touting its strict underwriting, asset quality and the Advantage Loan Program.
If you purchased Sterling Bancorp common stock pursuant and/or traceable to the IPO and/or during the class period, 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.
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