NEW YORK--(BUSINESS WIRE)--Scott+Scott Attorneys at Law LLP (“Scott+Scott”), a national securities and consumer rights litigation firm, is notifying investors that a class action lawsuit has been filed against Sterling Bancorp, Inc. (“Sterling Bancorp” or the “Company”) (NASDAQ: SBT), and certain other defendants, related to alleged violations of federal securities laws. If you purchased Sterling Bancorp securities between November 17, 2017 and December 8, 2019, inclusive, you are encouraged to contact Jonathan Zimmerman for additional information at (888) 398-9312 or jzimmerman@scott-scott.com.
The lawsuit alleges that Sterling Bancorp and the other defendants made untrue statements of material fact and omitted other facts necessary to make the statements not misleading and failed to disclose material facts concerning, among other things, the Company’s loan underwriting, risk management and internal controls, including repeatedly touting Sterling Bancorp’s strict underwriting, asset quality and its Advantage Loan Program, the Company’s largest lending product.
On June 21, 2019, after the market closed, Sterling Bancorp filed a Form 8-K revealing that it had entered into an agreement with the Office of the Comptroller of the Currency (“OCC”) to enhance its anti-money laundering and Bank Secrecy Act compliance. On the same day, Sterling Bancorp announced that long-time Sterling Bancorp Board of Directors (the “Board) member, and member of the Board’s Audit and Risk Management Committee, Jon Fox, was resigning.
Then, on December 9, 2019, Sterling Bancorp announced that it was suspending its Advantage Loan Program due to an internal review of documentation on past loans.
On this news, Sterling Bancorp shares fell nearly 23% on December 9, 2019.
What You Can Do
If you purchased Sterling Bancorp securities, or if you have questions about this notice or your legal rights, you are encouraged to contact attorney Jonathan Zimmerman at (888) 398-9312 or jzimmerman@scott-scott.com. The lead plaintiff deadline is April 27, 2020.
About Scott+Scott Attorneys at Law LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Connecticut, California, and Ohio.
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