RADNOR, Pa.–(BUSINESS WIRE)–#classaction–The law firm of Kessler Topaz Meltzer & Check, LLP reminds that an investor securities fraud class action lawsuit has been filed against Eagle Bancorp, Inc. (Nasdaq: EGBN) (“Eagle Bancorp”) on behalf of those who purchased or otherwise acquired Eagle Bancorp securities between March 2, 2015 and July 17, 2019, inclusive (the “Class Period”).
Eagle Bancorp investors who purchased securities during the Class Period may, no later than September 23, 2019, seek to be appointed as a lead plaintiff representative of the class.
Investors who wish to discuss this securities fraud class action lawsuit or request additional information about this litigation are encouraged to contact Kessler Topaz Meltzer & Check attorneys James Maro, Jr. or Adrienne Bell at (844) 887-9500 (toll free) or online at: www.ktmc.com/eagle-bancorp-inc-securities-class-action.
According to the complaint, Eagle Bancorp operates as the bank holding company for EagleBank, Inc., which provides commercial and consumer banking services primarily in the United States.
The Class Period commences on March 2, 2015, when Eagle Bancorp filed its Annual Report on a Form 10-K with the SEC, announcing Eagle Bancorp’s financial and operating results for the fiscal year ended December 31, 2014. The Annual Report stated, in relevant part, that “[t]he [c]ompany’s internal control over financial reporting includes those policies and procedures that pertain to the [c]ompany’s ability to record, process, summarize and report reliable financial data. The internal control system contains monitoring mechanisms, and appropriate actions taken to correct identified deficiencies.” The Annual Report further stated, “management believes that the [c]ompany maintained effective internal control over financial reporting as of December 31, 2014. Management’s assessment concluded that there were no material weaknesses within the [c]ompany’s internal control structure.”
According to the complaint, on July 17, 2019, Eagle Bancorp issued a press release announcing “Net Income For Second Quarter 2019 of $37.2 Million and Total Assets of $8.7 Billion.” In the press release, Eagle Bancorp disclosed ongoing internal and government investigations into its disclosure of related party transactions, the retirement of certain former officers and directors, and the relationship of Eagle Bancorp and certain of its former officers and directors with a local public official. Following this news, Eagle Bancorp’s stock price fell $14.30 per share, or 26.75%, to close at $39.15 per share on July 18, 2019.
The complaint alleges that, throughout the Class Period, the defendants made false and/or misleading statements and/or failed to disclose that: (i) Eagle Bancorp’s internal controls and procedures and compliance policies were inadequate; (ii) the foregoing shortcoming created a foreseeable risk of heightened regulatory scrutiny and the need for Eagle Bancorp to undertake its own internal investigations; and (iii) as a result, Eagle Bancorp’s public statements were materially false and misleading at all relevant times.
Eagle Bancorp investors may, no later than September 23, 2019, seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, or other counsel, or may choose to do nothing and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. In order to be appointed as a lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
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). The complaint in this action was not filed by Kessler Topaz Meltzer & Check. For more information about Kessler Topaz Meltzer & Check, please visit www.ktmc.com.
Kessler Topaz Meltzer & Check, LLP
James Maro, Jr., Esq.
Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
(844) 887-9500 (toll free)