LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz reminds investors of the upcoming April 27, 2020 deadline to file a lead plaintiff motion in the class action filed on behalf of Sterling Bancorp, Inc. (“Sterling Bancorp” or the “Company”) (NASDAQ: SBT) common stock: (a) pursuant and/or traceable to the Company’s initial public offering commenced on or about November 17, 2017 (the “IPO” or “Offering”); and/or (b) between November 17, 2017 and December 8, 2019, inclusive (the “Class Period”).
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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 and due to an implementation of “systems and controls to ensure the Bank’s policies and procedures are followed on loans originated under the program.”
On this news, the Company’s stock price fell $2.16, or nearly 23%, to close at $7.29 per share on December 9, 2019, thereby injuring investors.
The complaint alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose facts concerning the Company’s loan underwriting, risk management and internal controls, including repeatedly touting its strict underwriting, asset quality and the Advantage Loan Program.
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If you purchased or otherwise acquired Sterling Bancorp securities during the Class Period, you may move the Court no later than April 27, 2020 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to email@example.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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