Kuznicki Law PLLC notifies investors that a class action has commenced in the United States District Court for the Eastern District of Michigan on behalf of shareholders of Sterling Bancorp, Inc. who purchased shares between November 17, 2017 and March 17, 2020.
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.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until April 27, 2020 to request that the court appoint them lead plaintiff.