The settlement of this federal securities fraud class action lawsuit and resolution of the criminal case is on behalf of investors who purchased or otherwise acquired Sterling Bancorp, Inc. (“Sterling”) (NASDAQ: SBT) common stock between November 17, 2017 and March 17, 2020, inclusive (the “Class Period”).
As part of the civil class action lawsuit, Sterling agreed to pay $12,500,000 to resolve claims alleging the company and certain of its officers and/or directors violated federal securities laws by making false or misleading statements.
In the criminal case, Sterling agreed to pay restitution in the amount of $27,239,000 to non-insider victim shareholders after pleading guilty to one count of securities fraud for filing false securities statements.
What’s the status of the Settlement?
On September 23, 2021, the Court granted Final Approval of the Class Action Settlement in the civil case. In the criminal case, on April 29, 2023, Sterling pleaded guilty to one count of securities fraud and agreed to pay restitution to victim-shareholders. These actions have concluded.
Who can file a claim?
The settlement class includes all persons or entities who:
- Purchased or otherwise acquired Sterling common stock between November 17, 2017 and March 17, 2020, inclusive.
How much is the Settlement Payment?
Pro rata payment: The total settlement fund is $12,500,000. The total restitution fund is $27,239,000. The amount each class member receives will depend on several factors, including:
- The number of valid claims submitted
- The number of shares purchased and sold
- The dates of purchase and sale
- The price paid for the shares and the price received upon sale
How do I file a claim?
The deadline to file a claim was May 23, 2024. To submit a claim and/or to find additional information regarding the terms of the settlement and claim filing process, go to www.SterlingBancorpRestitutionFund.com, or contact the claims administrator, A.B. Data, Ltd., at 1-877-495-0967.
If you wish to discuss this action or have any questions, please contact Kessler Topaz Meltzer & Check, LLP: Jon Naji, Esq. (484) 270-1453; toll-free at (844) 887-9500; or via e-mail at info@ktmc.com.