RADNOR, Pa.–(BUSINESS WIRE)–$SBT #classaction–The law firm of Kessler Topaz Meltzer & Check, LLP is currently investigating potential breaches of fiduciary duty and other violations of law against certain officers and directors of Sterling Bancorp, Inc. (“Sterling”) (NASDAQ: SBT).
If you are a Sterling investor and would like to learn more about our investigation, please contact Kessler Topaz Meltzer & Check, LLP toll free at 1-844-887-9500 or email us at [email protected] or click on the following link to fill out our online form: https://www.ktmc.com/sterling-bancorp-inc
Founded by the Seligman family in 1984, Sterling went public in November 2017 after a three-year ramp-up in mortgages primarily issued to California residents. Two-thirds of Sterling’s loans, or four-fifths of its residential loans, were offered through Sterling’s Advantage Loan program. Sterling attributed the success of this product to its practice of meeting in person with each prospective customer and Sterling’s “disciplined and conservative underwriting approach.”
In June 2019, Sterling began rolling out a series of increasingly troubling disclosures regarding the quality of the documentation of loans in its Advantage Loan portfolio and Sterling’s systems and controls for originating those loans. On March 6, 2020, Sterling disclosed that it intends to permanently shutter the Advantage Loan program, based on its preliminary finding of misconduct by a “significant number” of employees and executives responsible for loan origination. Sterling additionally disclosed that it was under investigation by the Office of the Comptroller of the Currency and United States Department of Justice. As a result of these disclosures, the price of Sterling shares of common stock has declined precipitously. After closing at $10.06 per share on June 21, 2019, the stock price eventually fell to just $2.94 per share on March 18, 2020.
Kessler Topaz Meltzer & Check prosecutes class actions in state and federal courts throughout the country involving securities fraud, breaches of fiduciary duties and other violations of state and federal law. Kessler Topaz Meltzer & Check is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). For more information about Kessler Topaz Meltzer & Check, please visit www.ktmc.com.
Contacts
Kessler Topaz Meltzer & Check, LLP
James Maro, Jr., Esq.
Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
(844) 887-9500
(610) 667-7706
[email protected]
