The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired Sterling Bancorp, Inc. (“Sterling Bancorp” or the “Company”) (NASDAQ: SBT) common stock: (a) pursuant and/or traceable to the Company’s initial public offering commenced on or about November 17, 2017 (the “IPO” or “Offering”); and/or (b) between November 17, 2017 and December 8, 2019, inclusive (the “Class Period”). Sterling Bancorp investors have until April 27, 2020 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to participate.
On December 9, 2019, Sterling Bancorp disclosed that its subsidiary, Sterling Bank and Trust, FSB, suspended its Advantage Loan program due to an ongoing internal review of documentation on past loans and due to an implementation of “systems and controls to ensure the Bank’s policies and procedures are followed on loans originated under the program.”
On this news, the Company’s stock price fell $2.16, or nearly 23%, to close at $7.29 per share on December 9, 2019, thereby injuring investors.
The complaint alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose facts concerning the Company’s loan underwriting, risk management and internal controls, including repeatedly touting its strict underwriting, asset quality and the Advantage Loan Program.
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If you purchased Sterling Bancorp securities during the Class Period, you may move the Court no later than April 27, 2020 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you purchased Sterling Bancorp securities, have information or 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 Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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View source version on businesswire.com: https://www.businesswire.com/news/home/20200228005225/en/
Contacts:
Frank R. Cruz, 310-914-5007
fcruz@frankcruzlaw.com
www.frankcruzlaw.com
