SAN DIEGO & SOUTHFIELD, Mich.--(BUSINESS WIRE)--Shareholder rights law firm Robbins LLP is investigating whether certain officers and directors of Sterling Bancorp, Inc. (NASDAQ: SBT) breached their fiduciary duties to shareholders. Sterling Bancorp operates as the unitary thrift holding company for Sterling Bank and Trust, F.S.B.
If you suffered a loss as a result of Sterling Bancorp's misconduct, click here.
Sterling Bancorp, Inc. (SBT) Suspends its Subsidiary's Loan Program
On December 9, 2019, Sterling Bancorp disclosed that its subsidiary, Sterling Bank and Trust, FSB, suspended its Advantage Loan program due to an ongoing internal review of documentation on past loans as well as an implementation of "systems and controls to ensure the Bank's policies and procedures are followed on loans originated under the program." The Company admitted that it anticipates "a reduced level of near-term loan originations, slower overall loan portfolio growth, and less loan sales." Since this news, Sterling Bancorp's stock price has declined 25% from its December 9, 2019 opening price of $9.40, currently trading at around $7.
Sterling Bancorp, Inc. (SBT) Shareholders Have Legal Options
Robbins LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. Click here to receive free alerts from Stock Watch when companies engage in wrongdoing.
Attorney Advertising. Past results do not guarantee a similar outcome.