BOSTON, March 30, 2020 (GLOBE NEWSWIRE) — Block & Leviton LLP (www.blockesq.com), a national securities litigation firm, announces that a new class action lawsuit has been filed against Sterling Bancorp, Inc. (SBT) and certain of its officers for potential securities fraud. Investors who purchased Sterling shares between November 17, 2017 and March 17, 2020 are encouraged to contact the firm for a free case evaluation.
The lawsuit, filed in the U.S. District Court for the Eastern District of Michigan, alleges that the Company made false and misleading statements about the bank’s Advantage Loan program. Sterling’s stock fell almost 23% on December 9, 2019, after the bank announced that it was suspending the program “as it continues to audit documentation on past loans.”
Then on March 6, 2020, Sterling announced the results of the investigation of its Special Committee, finding that Sterling’s employees engaged in misconduct in connection with the Company’s loan origination process. Sterling further announced that it was shutting down its Advantage Loan Program, and that it was the recipient of grand jury subpoenas from the U.S. Department of Justice. By March 17, 2020, when Sterling announced that it was delaying the filing of its annual report, the company’s stock had fallen to just $2.94 per share, down from $10.17 on September 13, 2019.
If you purchased or acquired shares of Sterling common stock and have questions about your legal rights or possess information relevant to this matter, please contact Block & Leviton attorney Jake Walker at (617) 398-5600, via email at email@example.com, or at https://shareholder.law/sterling.
Block & Leviton LLP is a firm dedicated to representing investors and maintaining the integrity of the country’s financial markets. The firm represents many of the nation’s largest institutional investors as well as individual investors in securities litigation throughout the United States. The firm’s lawyers have recovered billions of dollars for its clients.
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SOURCE: Block & Leviton LLP