NEW YORK--(BUSINESS WIRE)--Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the U.S. District Court for the Central District of California on behalf of all persons or entities who acquired Opus Bank (NASDAQ:OPB) securities between July 28, 2014 and October 17, 2016 (the “Class Period”).
The complaint alleges that during the Class Period, Opus Bank made false and/or misleading statements and/or failed to disclose: (1) that some of the Company’s loans were of low quality; (2) that Opus Bank was over-representing the quality of the loans to the public; (3) that the Company failed to properly account for the loans in violation of Generally Accepted Accounting Principles; (4) that the Company would be forced to recognize large charge-offs associated with the loans; (5) that Opus Bank lacked adequate internal controls over accounting and financial reporting; and (6) that as a result of the above, the Company’s statements about its business, operations and prospects were false and misleading and/or lacked a reasonable basis.
On October 17, 2016, Opus Bank announced its earnings for the third quarter 2016 and disclosed that the Company recognized charge-offs on eight loan relationships through the allowance for loan losses on September 30, 2016. When this news was announced, shares of Opus Bank fell in value, causing investors harm.
If you acquired Opus Bank securities during the Class Period or continue to hold shares purchased prior to the Class Period, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact J. Brandon Walker, Esq. by email at firstname.lastname@example.org, or telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
Bragar Eagel & Squire, P.C. is a New York-based law firm concentrating in commercial and securities litigation. For additional information, please go to www.bespc.com.