Opus Bank investors may receive additional information about the case by clicking the link "Join this Class Action" above.
According to the complaint, Opus Bank provides banking products and services to small and mid-sized companies, entrepreneurs, real estate investors, professionals and high net worth individuals.
The complaint alleges that, throughout the Class Period, Opus Bank and certain of its executive officers made materially false and/or misleading statements and/or failed to disclose to investors: (1) that certain of the Company’s loans were of poor quality; (2) that the Company was over-representing the quality of the loans to the public; (3) that, as such, the Company failed to properly account for the loans in violation of Generally Accepted Accounting Principles; (4) that, as a result, the Company would be forced to recognize large charge-offs associated with the loans; and (5) that the Company lacked adequate internal controls over accounting and financial reporting. The complaint further alleges that, as a result of the foregoing, the defendants’ positive statements about Opus Bank’s business, operations and prospects were false and misleading and/or lacked a reasonable basis.
On October 17, 2016, the Company issued a press release entitled “Opus Bank Announces Loan Charge-Offs Will Impact Third Quarter Earnings.” Therein, the Company disclosed that its Third Quarter 2016 financial results “will include a $0.59 per diluted share impact from loan charge-offs and is expected to result in a net loss of approximately $0.05 per diluted share for the third quarter of 2016.”
On this news, shares of Opus Bank’s stock declined $7.25 per share, or over 21%, to close at $27.20 per share on October 17, 2016, on unusually heavy trading volume.
If you are a member of the class described above, you may no later than December 27, 2016 move the Court to serve as lead plaintiff of the class, if you so choose.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of their choice, or may choose to do nothing and remain an inactive class member.
Kessler Topaz Meltzer & Check, LLP has not filed a complaint in this matter. If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at info@ktmc.com.
CONTACT:
Kessler Topaz Meltzer & Check, LLP
James Maro, Esq. or Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087 1-888-299-7706 (toll free) or 1-610-667-7706
Or by e-mail at info@ktmc.com