LOS ANGELES--(BUSINESS WIRE)--Goldberg Law PC, a national shareholder rights litigation firm, announces the filing of a class action lawsuit against Opus Bank (“Opus Bank” or the “Company”) (Nasdaq: OPB). Investors who purchased or otherwise acquired Opus Bank shares between July 28, 2014 and October 17, 2016 inclusive (the “Class Period”), are encouraged to contact the firm in advance of the December 27, 2016 lead plaintiff motion deadline.
If you are a shareholder who suffered a loss during the Class Period, click here to participate. In addition, we encourage you to contact Michael Goldberg or Brian Schall, of Goldberg Law PC, 1999 Avenue of the Stars, Suite 1100, Los Angeles, CA 90067, at 800-977-7401, to discuss your rights free of charge. You can also reach us through the firm’s website at http://www.Goldberglawpc.com, or by email at firstname.lastname@example.org.
The class in this case has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
The complaint alleges that during the Class Period, Opus Bank made false and/or misleading statements and/or failed to disclose: that some of the Company’s loans were of low quality; that Opus Bank was over-representing the quality of the loans to the public; that the Company failed to properly account for the loans in violation of the Generally Accepted Accounting Principles; that the Company would be forced to recognize large charge-offs associated with the loans; that Opus Bank lacked adequate internal controls over accounting and financial reporting; and 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 at September 30, 2016. When this news was announced, shares of Opus Bank fell in value, causing investors harm.
Goldberg Law PC represents shareholders around the world and specializes in securities class actions and shareholder rights litigation.
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