NEW YORK--(BUSINESS WIRE)--Bronstein, Gewirtz & Grossman, LLC reminds investors that a class action lawsuit has been filed against of Sterling Bancorp, Inc. (“Sterling Bancorp” or the “Company”) (NASDAQ: SBT) and certain of its officers, on behalf of shareholders who purchased or otherwise acquired Sterling Bancorp securities between November 17, 2017 and December 8, 2019, both dates inclusive (the “Class Period”). Such investors are encouraged to join this case by visiting the firm’s site: www.bgandg.com/sbt.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements and/or failed to disclose that material adverse information regarding its loan underwriting, risk management and internal controls, including repeatedly touting its strict underwriting, asset quality and the Advantage Loan Program.
On November 17, 2017, Sterling commenced its initial public offering (“IPO”), offering 15 million shares of common stock priced at $12.00 per share. On June 21, 2019, Sterling disclosed in a U.S. Securities and Exchange Commission (“SEC”) filing that it had entered into an agreement with the Office of the Comptroller of the Currency to enhance its anti-money laundering and Bank Secrecy Act compliance. Later that day, Sterling announced the resignation of Jon Fox, a member of the Company’s Audit and Risk Management Committee, from its Board of Directors. Then, on December 9, 2019, Sterling disclosed in an SEC filing that it was suspending its Advantage Loan Program until “management is confident its stated policies and procedures are being followed,” citing an internal review of documentation on past loans. On this news, Sterling’s stock price fell $2.16 per share, or 22.86%, to close at $7.29 per share on December 9, 2019. Since the IPO, Sterling’s stock price has closed as low as $7.01 per share, representing a decline of 41.58% from the offering price.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm’s site: www.bgandg.com/sbt or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Sterling Bancorp you have until April 27, 2020 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.