Cases
Bank OZK (OZK)
Securities Class Action
Overview
Overview
- Date:
- 10/26/2018
- Company Name:
- Bank OZK
- Stock Symbol:
- OZK
- Class Period:
- FROM 2/19/2016 TO 10/18/2018
- Status:
- Closed/Complete
- Court:
- U.S. District Court: Eastern District of Arkansas
NEW YORK, October 26, 2018 – Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the U.S. District Court for the Eastern District of Arkansas on behalf of all persons or entities who purchased or otherwise acquired Bank OZK (NASDAQ: OZK) securities between February 19, 2016 and October 18, 2018 (the “Class Period”). Investors have until December 26, 2018 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
On July 16, 2018, Bank OZK underwent strategic rebranding, incurring pretax expenses of $10.8 million during the third quarter 2018 and $11.4 million for the first nine months of 2018. On October 19, 2018, Bank OZK incurred combined charge-offs of $45.5 million on two Real Estate Specialties Group credits. According to the Company, “These two unrelated projects are in South Carolina and North Carolina, have been in the Bank’s portfolio since 2007 and 2008, and were previously classified as substandard. The combined balance of these credits, after the charge-offs, is $20.6 million.”
On this news, Raymond James managing director Michael Rose downgraded the bank to “market performance” and was cited in The Wall Street Journal stating: “While we had given management the benefit of the doubt over the years, the credit issues stemming from its seemingly infallible [Real-Estate Specialties Group] portfolio were a nonstarter and a key tenant of our formerly positive thesis.”
On this news, shares of Bank OZK fell more than 26%, closing at $25.52 on October 19, 2018.
If you purchased Bank OZK securities during the Class Period or continue to hold shares purchased before the Class Period, have information, 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 Fortunato 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.
On July 16, 2018, Bank OZK underwent strategic rebranding, incurring pretax expenses of $10.8 million during the third quarter 2018 and $11.4 million for the first nine months of 2018. On October 19, 2018, Bank OZK incurred combined charge-offs of $45.5 million on two Real Estate Specialties Group credits. According to the Company, “These two unrelated projects are in South Carolina and North Carolina, have been in the Bank’s portfolio since 2007 and 2008, and were previously classified as substandard. The combined balance of these credits, after the charge-offs, is $20.6 million.”
On this news, Raymond James managing director Michael Rose downgraded the bank to “market performance” and was cited in The Wall Street Journal stating: “While we had given management the benefit of the doubt over the years, the credit issues stemming from its seemingly infallible [Real-Estate Specialties Group] portfolio were a nonstarter and a key tenant of our formerly positive thesis.”
On this news, shares of Bank OZK fell more than 26%, closing at $25.52 on October 19, 2018.
If you purchased Bank OZK securities during the Class Period or continue to hold shares purchased before the Class Period, have information, 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 Fortunato 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.