NEW YORK–(BUSINESS WIRE)–#SBT–Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, announces that a class action lawsuit has been filed in the United States District Court for the Eastern District of Michigan on behalf of investors that purchased Sterling Bancorp, Inc. (NASDAQ: SBT) securities between November 17, 2017 and December 8, 2019 (the “Class Period”) and/or pursuant or traceable to the Company’s initial public offering, which commenced on or about November 17, 2017 (the “IPO” or “Offering”). Investors have until April 27, 2020 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
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On December 9, 2019, the Company disclosed that it “voluntarily and temporarily suspended its Advantage Loan program in connection with an ongoing internal review of the program’s documentation.” On that same day, Sterling’s share price fell $2.16 per share, or nearly 23%, to close at $7.29 per share.
The complaint, filed on February 26, 2020, alleges that throughout the Class Period, defendants made untrue statements of material fact and omitted other facts necessary to make the statements not misleading and failed to disclose material facts concerning, inter alia, 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 securities during the Class Period and/or pursuant or traceable to the IPO, have information, 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 Melissa Fortunato or Marion Passmore by email at [email protected], telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
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Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York and California. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.