Kaskela Law LLC Investigates Blue Ridge Bankshares Shareholders
Kaskela Law LLC Investigates Shareholders of Blue Ridge Bankshares
Kaskela Law LLC is entering the spotlight as it conducts an investigation into Blue Ridge Bankshares, Inc. (NYSE: BRBS). This initiative is aimed primarily at the long-term shareholders of Blue Ridge, who may have been adversely affected by recent events surrounding the company's financial disclosures and practices.
Background of the Investigation
Recently, a securities fraud complaint has come to light against Blue Ridge Bankshares, covering a period that ranges from mid-February to the end of October. Allegations within the complaint claim that during this timeframe, the company and some of its key executives made a series of misleading statements relating to the company’s performance and future outlook, which has drawn the attention of law firms specializing in investor rights.
Details of the Allegations
The complaint contends that Blue Ridge Bankshares engaged in deceptive practices, with specific assertions targeting the company’s reported financial health. For instance, a press release on April 27 indicated that nonperforming loans surged significantly, jumping from $18.6 million at the close of 2022 to an alarming $30.7 million by the First Quarter of 2023. This news was immediately met with a sharp drop in the company's stock price, which plummeted over 28% within a week.
Subsequent Financial Reports
The troubles didn’t stop there. In addition to the unsettling news regarding nonperforming loans, a second report released on July 31 revealed further deterioration. By June 30, 2023, Blue Ridge Bankshares classified loans totaling $86.1 million as non-performing. Following this revelation, the stock experienced an additional decline of around 8.5%.
Critical SEC Filing Implications
Compounding the situation, Blue Ridge's Form 8-K filing on October 31 made clear that the company instructed investors to disregard its previous financial reports for the fiscal year 2022 and the First and Second quarters of 2023. This drastic measure led to yet another significant drop in stock value, falling approximately 33% to close at $2.09.
Reasons for Shareholders to Act
The ongoing investigation by Kaskela Law LLC is crucial for shareholders who acquired their shares in Blue Ridge prior to February 3, 2023. The firm aims to uncover whether the company's board may have failed to uphold their fiduciary responsibilities and complied with securities laws amidst these concerning developments.
Contacting Kaskela Law LLC
Shareholders who feel they may have been wronged are strongly encouraged to reach out to Kaskela Law LLC for more information regarding their rights and potential legal options. D. Seamus Kaskela, Esq. or Adrienne Bell, Esq. are available to assist with inquiries. They can be contacted directly at (484) 229 – 0750.
About Kaskela Law LLC
Kaskela Law LLC dedicates its practice to representing investors in matters of securities fraud and corporate governance. The firm has a strong commitment to standing by its clients, working on a contingent basis to ensure their rights are upheld and their voices heard.
Frequently Asked Questions
What sparked Kaskela Law LLC's investigation into Blue Ridge Bankshares?
The investigation was initiated due to allegations of securities fraud and misleading financial statements that negatively impacted shareholders.
How did Blue Ridge Bankshares' stock react to recent financial disclosures?
Following the troubling announcements, the company’s stock experienced significant declines, including a drop of over 28% after the First Quarter 2023 financial report.
What is the timeline of the events leading to the investigation?
The investigation focuses on events from February 3 to October 31, 2023. Key revelations surfaced in press releases and SEC filings during this period.
What should BRBS shareholders do if they are affected?
Affected shareholders are advised to contact Kaskela Law LLC to discuss their legal rights and potential actions regarding the investigation.
What does Kaskela Law LLC specialize in?
Kaskela Law LLC specializes in securities fraud, corporate governance issues, and merger & acquisition litigation, providing crucial support for investors.
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