RM LAW, P.C. announces that a class action lawsuit has been filed on behalf of all persons or entities that purchased Sterling Bancorp, Inc. ("Sterling Bancorp" or the "Company") (NASDAQ: SBT) securities during the period from November 17, 2017 through December 8, 2019, inclusive (the “Class Period”).
Sterling Bancorp shareholders may, no later than April 27, 2020, move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of Sterling Bancorp 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.
The lawsuit alleges that Sterling Bancorp and the other defendants made untrue statements of material fact and omitted other facts necessary to make the statements not misleading and failed to disclose material facts concerning, among other things, the Company’s loan underwriting, risk management and internal controls, including repeatedly touting Sterling Bancorp’s strict underwriting, asset quality and its Advantage Loan Program, the Company’s largest lending product.
On June 21, 2019, after the market closed, Sterling Bancorp filed a Form 8-K revealing that it had entered into an agreement with the Office of the Comptroller of the Currency ("OCC") to enhance its anti-money laundering and Bank Secrecy Act compliance. On the same day, Sterling Bancorp announced that long-time Sterling Bancorp Board of Directors (the "Board) member, and member of the Board’s Audit and Risk Management Committee, Jon Fox, was resigning.
Then, on December 9, 2019, Sterling Bancorp announced that it was suspending its Advantage Loan Program due to an internal review of documentation on past loans.
On this news, Sterling Bancorp shares fell nearly 23% on December 9, 2019.
If you are a member of the class, you may, no later than April 27, 2020, 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.