RM LAW, P.C. announces that a class action lawsuit has been filed on behalf of all persons or entities that purchased Equity Bancshares, Inc. (“Equity Bancshares” or the “Company”) (NASDAQ: EQBK) investors who purchased securities between May 11, 2018 and April 22, 2019, inclusive (the “Class Period”).
Equity Bancshares shareholders may, no later than July 12, 2019, move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of Equity Bancshares and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (844) 291-9299 or to sign up online, click here.
On April 22, 2019, after the market closed, the Company reported a $4.1 million net loss for first quarter 2019, partly due to a $14.5 million impairment for loss against a credit relationship.
On this news, the Company’s share price fell $4.76, or over 16%, to close at $24.71 per share on April 23, 2019, thereby damaging investors.
The complaint filed in this class action alleges that the Registration Statements were false and misleading and omitted to state material adverse facts. Throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that the Company lacked adequate internal controls to assess credit risk; (2) that, as a result, certain of the Company’s loans posed an increased risk of loss; (3) that, as a result, the Company was reasonably likely to incur significant losses for certain substandard loans; and (4) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
If you are a member of the class, you may, no later than July 12, 2019, request that the Court appoint you as lead plaintiff of the class. 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. Under certain circumstances, one or more class members may together serve as “lead plaintiff.” Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain RM LAW, P.C. or other counsel of your choice, to serve as your counsel in this action.