NEW ORLEANS–(BUSINESS WIRE)–Kahn Swick & Foti, LLC (“KSF”) and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until April 27, 2020 to file lead plaintiff applications in a securities class action lawsuit against Sterling Bancorp, Inc. (NasdaqGS: SBT), if they purchased the Company’s shares between November 17, 2017 and December 8, 2019, both dates inclusive (the “Class Period”) including shares issued in connection with its November 2017 Initial Public Offering. This action is pending in the United States District Court for the Eastern District of Michigan.
What You May Do
If you purchased shares of Sterling and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email ([email protected]), or visit https://www.ksfcounsel.com/cases/nasdaqgs-sbt/ to learn more. If you wish to serve as a lead plaintiff in this class action, you must petition the Court by April 27, 2020.
About the Lawsuit
Sterling and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On December 9, 2019, the Company disclosed that it had indefinitely “suspended its Advantage Loan program in connection with an ongoing internal review of the program’s documentation procedures” and “anticipates a reduced level of near-term loan originations, slower overall loan portfolio growth, and less loan sales” during the suspension, and further, “[i]f the Company is unable to replace the lost production in a timely matter, or if a decision is made to alter the program, the Company’s results of operations could be materially and adversely affected.”
On this news, the price of Sterling’s shares plummeted over 22%, on heavy volume.
The case is Oklahoma Police Pension and Retirement System v. Sterling Bancorp, Inc, et al., 2:20-cv-10490.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation’s premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, California and Louisiana.
To learn more about KSF, you may visit www.ksfcounsel.com.
Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner