LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired Horizon Bancorp, Inc. (“Horizon” or the “Company”) (NASDAQ: HBNC) securities between March 9, 2022 and March 10, 2023, inclusive (the “Class Period”). Horizon investors have until June 20, 2023 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to participate.
On March 10, 2023, Horizon disclosed that it would be unable to timely file its annual report and discovered material weaknesses in its internal controls. The Company specified that the weaknesses included accounting revisions of previously issued financial statements and a calculation error in the Company’s public float.
On this news, Horizon’s stock price fell $1.43, or 11%, to close at $11.62 per share on March 13, 2023, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) the Company maintained deficient internal accounting controls relating to its classification of certain loan balances and securities; (2) as a result of the foregoing deficiencies, throughout 2022 the Company issued quarterly financial statements containing errors that would require subsequent revision; (3) restatement of the foregoing financial statements would hinder the Company’s ability to timely file its annual report for 2022; and (4) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
Follow us for updates on Twitter: twitter.com/FRC_LAW.
If you purchased Horizon securities during the Class Period, you may move the Court no later than June 20, 2023 to ask the Court to appoint you as lead plaintiff. To be a member of the Class 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. If you purchased Horizon securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, 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.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.