SAN FRANCISCO, CA / ACCESSWIRE / March 30, 2020 / On February 26, 2020, Berman Tabacco, a national law firm representing investors, filed the first class action lawsuit for violations of the federal securities laws against Sterling Bancorp, Inc. ("Sterling" or the "Company") (NASDAQ:SBT), certain of its current and former officers and directors, and the underwriters for the Company's initial public offering ("IPO") on behalf of investors who purchased or otherwise acquired Sterling common stock from November 17, 2017 through and including December 8, 2019 (the "Class Period") and investors who purchased or otherwise acquired Sterling common stock in or traceable to the Company's IPO. You may find more information about the case here: https://www.bermantabacco.com/case/sterling/.
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, shares of Sterling common stock fell $2.16 per share to close at $7.29 per share, a decline of nearly 23%.
Thereafter, Berman Tabacco filed its action in the Eastern District of Michigan on behalf of its client, Oklahoma Police Pension and Retirement System. The case is captioned Oklahoma Police Pension and Retirement System v. Sterling Bancorp, Inc, et al., No. 2:20-cv-10490. The complaint 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. A copy of the complaint is available on the firm's website [here].
On March 6, 2020, after the market closed, the Company filed a Form 8-K with the SEC announcing, among other things, that "[p]reliminary results from the Special Committee's internal review indicate that certain employees engaged in misconduct in connection with the origination of [Advantage Loan Program];" that the Company was "under formal investigation by the Office of the Comptroller of the Currency"; and that the Company "received grand jury subpoenas from the United States Department of Justice (the ‘DOJ') requesting the production of documents and information in connection with an investigation that appears to be focused on the Bank's residential lending practices and related issues."
On March 17, 2020, Sterling announced that it would delay the filing of its Annual Report because time was needed to complete additional review and procedures relating to the circumstances that led to the suspension and termination of the Bank's Advantage Loan Program and to complete an ongoing internal review relating to the discontinued Advantage Loan Program.
On March 27, 2020, a second class action was filed by another law firm in the Eastern District of Michigan with a class period from November 17, 2017 through and including March 17, 2020 (the "Extended Class Period").
If you wish to serve as Lead Plaintiff for the Class, you must file a motion with the Court no later than Monday, April 27, 2020. Any member of the proposed Class may move the Court to serve as Lead Plaintiff through counsel of their choice, or may choose to do nothing and remain a member of the proposed Class.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Berman Tabacco Attorneys A. Chowning Poppler or Nicole A. Maruzzi at (800) 516-9926 or via email at cpoppler@bermantabacco.com or nmaruzzi@bermantabacco.com.
Berman Tabacco is a national law firm representing institutions and individuals in lawsuits seeking to recoup losses caused by violations of securities and antitrust laws. The firm has lawyers in Boston, Massachusetts and San Francisco, California. More information about the firm can be found on the firm's website at www.bermantabacco.com.
This notice may constitute attorney advertising.
Contacts
A. Chowning Poppler
cpoppler@bermantabacco.com
(800) 516-9926
Nicole A. Maruzzi
nmaruzzi@bermantabacco.com
(800) 516-9926
SOURCE: Berman Tabacco
ReleaseID: 583137
