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)'s Reported Results May Suffer Material Impact
On January 29, 2020, Sterling Bancorp issued a press release reporting its results of operation including net income of $56.9 million for fiscal year 2019 compared to net income of $63.5 million for fiscal year 2018. However, on March 17, 2020, Sterling Bancorp disclosed in its Form 10K filed with the SEC that due to its ongoing internal review relating to the termination of its Advantage Loan Program, the Company is unable to file its Form 10-K within the prescribed period of time as it may uncover information that "require[s] adjustments that would negatively impact the previously-announced results of operation." On this news, Sterling Bancorp's stock price declined 21% to close at $7.99 per share.
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.
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