NEW YORK, Dec. 27, 2016 (GLOBE NEWSWIRE) -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC reminds investors that a class action lawsuit has been filed against Opus Bank (“Opus” or the “Company”) (NASDAQ: OPB ) and certain of its officers. This case is on behalf of shareholders who purchased or otherwise acquired Opus shares between July 28, 2014 and October 17, 2016 inclusive (the "Class Period").
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the “Exchange Act”).
The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose: (1) that some of Opus Bank’s loans were of low quality; (2) that Opus Bank was over-representing the quality of the loans to its shareholders; (3) that Opus failed to appropriately account for its loans, violating the Generally Accepted Accounting Principles; (4) that Opus would be forced to account for its large charge-offs in connection with the loans; (5) that Opus lacked suitable internal controls for its accounting and financial reporting; (6) and consequently, Opus Bank’s statements regarding its business, operations and prospects were false and misleading and/or lacked a reasonable basis.
On October 17, 2016, Opus released its third quarter 2016 earnings and revealed that the Company recognized charge-offs on eight loan relationships through the allowance for loan losses at September 30, 2016. Following this news, Opus stock dropped in value.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm’s site: http://www.bgandg.com/opb or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email info@bgandg.com . Those who inquire by e-mail are encouraged to include their mailing address and telephone number. If you suffered a loss in Opus you have until December 27, 2016 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact: Bronstein, Gewirtz & Grossman, LLC Peretz Bronstein or Yael Hurwitz 212-697-6484 | info@bgandg.com
