NEW YORK--(BUSINESS WIRE)--The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of those who acquired Equity Bancshares, Inc. (“Equity Bancshares” or the “Company”) (NASDAQ: EQBK) securities during the period from May 11, 2018 through April 22, 2019 (the “Class Period”). Investors have until July 12, 2019 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
The lawsuit alleges that Equity Bancshares made materially false and misleading statements and/or failed to disclose that: (i) the Company lacked adequate internal controls to assess credit risk; (ii) as a result, certain of the Company’s loans posed an increased risk of loss; and (iii) as a result, the Company was reasonably likely to incur significant losses for certain substandard loans.
On April 22, 2019, after the market closed, the Company reported a $4.1 million net loss for the first quarter of 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, approximately 16.15%, to close at $24.71 on April 23, 2019.
If you acquired Equity Bancshares securities during the Class Period, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney at 212-371-6600, by email at investigations@kmllp.com, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, and whistleblower litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney’s website: www.kmllp.com.
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