Sterling Bancorp, Inc.
Lead Plaintiff Deadline: 04/27/2020
SUMMARY OF CASE:
Scott+Scott Attorneys at Law LLP (“Scott+Scott”), an international shareholder and consumer rights litigation firm, announces the filing of a class action lawsuit against Sterling Bancorp, Inc. (“Sterling Bancorp” or the “Company”) (NASDAQ: SBT), certain of its officers and directors, and the underwriters of the Company’s November 2017 initial public offering (“IPO”), alleging violations of federal securities laws. If you purchased Sterling Bancorp securities between November 17, 2017 and December 8, 2019, inclusive (the “Class Period”), you are encouraged to contact Scott+Scott attorney Rhiana Swartz for additional information at (844) 818-6980 or firstname.lastname@example.org. The lead plaintiff deadline is April 27, 2020. If you have losses of over $100,000, you are encouraged to contact Scott+Scott regarding serving as lead plaintiff.
The lawsuit alleges that, throughout the Class Period and in connection with the Company’s IPO, defendants made untrue statements of material fact including regarding the Company’s loan underwriting, risk management and internal controls, including repeatedly touting its strict underwriting, asset quality and its Advantage Loan Program.
On June 21, 2019, Sterling Bancorp disclosed that it had entered into an agreement with the Office of the Comptroller of the Currency to enhance its anti-money laundering and Bank Secrecy Act compliance. Later that day, Sterling Bancorp announced the resignation of Jon Fox, a member of the Company’s Audit and Risk Management Committee, from its Board of Directors. Despite Sterling Bancorp’s attempt to minimize this news, its stock price dropped $0.16, or 1.59%, to close at $9.90 on June 24, 2019.
On December 9, 2019, Sterling Bancorp disclosed that it “voluntarily and temporarily suspended its Advantage Loan program in connection with an ongoing internal review of the program’s documentation.”
On this news, shares of Sterling Bancorp fell $2.16 per share to close at $7.29 per share, a decline of nearly 23%.
What You Can Do
If you purchased Sterling Bancorp securities, or if you have questions about this notice or your legal rights, you are encouraged to contact attorney Rhiana Swartz at (844) 818-6980 or email@example.com. About Scott+Scott Attorneys at Law LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Connecticut, California, and Ohio.
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