Deadline Reminder: Law Offices of Howard G. Smith Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Horizon Bancorp, Inc. (HBNC)

BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith reminds investors of the upcoming June 20, 2023 deadline to file a lead plaintiff motion in the case filed on behalf of investors who purchased Horizon Bancorp, Inc. (“Horizon” or the “Company”) (NASDAQ: HBNC) securities between March 9, 2022 and March 10, 2023, inclusive (the “Class Period”).

Investors suffering losses on their Horizon investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to [e-mail].

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.

If you purchased or otherwise acquired 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 if you meet certain legal requirements. 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 these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at [phone], toll-free at [phone], or by email to [e-mail], or visit our website at www.howardsmithlaw.com.

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