BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors that purchased Bank OZK (“Bank OZK” or the “Company”) (NASDAQ: OZK) securities between February 19, 2016 and October 18, 2018, inclusive (the “Class Period”). Bank OZK investors have until December 26, 2018 to file a lead plaintiff motion.
Investors suffering losses on their Bank OZK investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to firstname.lastname@example.org.
On October 18, 2018, the Company reported that it had “incurred combined charge-offs of $45.5 million on two Real Estate Specialties Group credits” that had previously been classified as substandard. On this news, the Company’s share price fell $9.33 per share, more than 26%, to close at $25.52 per share on October 19, 2018, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that the Company lacked adequate internal controls to assess credit risk; (2) that, as a result, certain of the Company’s loans posed an increased risk of loss; (3) that certain substandard loans were reasonably likely to lead to charge-offs; and (4) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
If you purchased shares of Bank OZK, 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 Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to email@example.com, or visit our website at www.howardsmithlaw.com.
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