BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. announces that a class action lawsuit has been filed on behalf of investors who purchased Equity Bancshares, Inc. (“Equity Bancshares” or the “Company”) (NASDAQ: EQBK) securities between May 11, 2018 and April 22, 2019, inclusive (the “Class Period”). Equity Bancshares investors have until July 12, 2019 to file a lead plaintiff motion.
Investors suffering losses on their Equity Bancshares 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 April 22, 2019, after the market closed, the Company reported a $4.1 million net loss for first quarter 2019, partly due to a $14.5 million impairment for loss against a credit relationship.
On this news, the Company’s share price fell $4.76, or over 16%, to close at $24.71 per share on April 23, 2019, thereby damaging investors.
The complaint filed in this class action alleges that the Registration Statements were false and misleading and omitted to state material adverse facts. 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, as a result, the Company was reasonably likely to incur significant losses for certain substandard loans; 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 Equity Bancshares, 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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