RM Law announces that a class action lawsuit has been filed in United States District Court for the Central District of California on behalf of all persons or entities that purchased the common stock of Opus Bank (“Opus Bank” or the “Company”) (NASDAQ: OPB) between July 28, 2014 and October 17, 2016, inclusive (the “Class Period”).
Opus Bank shareholders may, no later than December 27, 2016, move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of Opus Bank 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 (877) 316-3218 or to sign up online, visit: www.rmclasslaw.com/cases/opb.
Opus Bank provides various banking products, services, and solutions for small to mid-sized companies, entrepreneurs, real estate investors, professionals, and high net worth individuals.
The Complaint alleges that 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 financial prospects. The Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose: (1) that a percentage of the Company’s loans were of inferior 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 (“GAAP”); (4) that, as a result, the Company would be forced to recognize large write-offs associated with the loans; (5) that the Company lacked adequate internal controls over accounting and financial reporting; and (6) that, as a result of the foregoing, Defendants’ positive statements about Opus Bank’s business, operations, and financial prospects, were false and misleading and/or lacked a reasonable basis.
Following an October 17, 2016 release of the third quarter 2016 earnings and an announcement that the Company recognized charge-offs on eight loan relationships through the allowance for loan losses at September 30, 2016, the value of Opus Bank shares declined significantly.
If you are a member of the class, you may, no later than December 27, 2016, 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 or other counsel of your choice, to serve as your counsel in this action.