Cases
Opus Bank (NASDAQ: OPB)
Securities Class Action
Overview
Overview
- Date:
- 10/27/2016
- Company Name:
- Opus Bank
- Stock Symbol:
- OPB
- Class Period:
- FROM 7/28/2014 TO 10/17/2016
- Status:
- Closed/Complete
- Court:
- U.S. District Court: Central California
NEW YORK, October 27, 2016 – Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the United States District Court for the California Central District Court on behalf of all persons or entities who acquired Opus Bank (NASDAQ : OPB) securities between July 28, 2014 to October 17, 2016 (the “Class Period”).
The complaint alleges that during the Class Period, Opus Bank made false and/or misleading statements and/or failed to disclose: that some of the Company’s loans were of low quality; that Opus Bank was over-representing the quality of the loans to the public; that the Company failed to properly account for the loans in violation of the Generally Accepted Accounting Principles; that the Company would be forced to recognize large charge-offs associated with the loans; that Opus Bank lacked adequate internal controls over accounting and financial reporting; and that as a result of the above, the Company’s statements about its business, operations and prospects were false and misleading and/or lacked a reasonable basis.
On October 17, 2016, Opus Bank announced its earnings for the third quarter 2016 and disclosed that the Company recognized charge-offs on eight loan relationships through the allowance for loan losses at September 30, 2016. When this news was announced, shares of Opus Bank fell in value, causing investors harm.
If you acquired Opus securities during the Class Period, 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 Melissa A. Fortunato, Esq. by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.
The complaint alleges that during the Class Period, Opus Bank made false and/or misleading statements and/or failed to disclose: that some of the Company’s loans were of low quality; that Opus Bank was over-representing the quality of the loans to the public; that the Company failed to properly account for the loans in violation of the Generally Accepted Accounting Principles; that the Company would be forced to recognize large charge-offs associated with the loans; that Opus Bank lacked adequate internal controls over accounting and financial reporting; and that as a result of the above, the Company’s statements about its business, operations and prospects were false and misleading and/or lacked a reasonable basis.
On October 17, 2016, Opus Bank announced its earnings for the third quarter 2016 and disclosed that the Company recognized charge-offs on eight loan relationships through the allowance for loan losses at September 30, 2016. When this news was announced, shares of Opus Bank fell in value, causing investors harm.
If you acquired Opus securities during the Class Period, 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 Melissa A. Fortunato, Esq. by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.