Blue Ridge Bankshares, Inc.: Shareholders with Significant Losses in BRBS Should Contact Robbins LLP About Their Rights and Remedies

SAN DIEGO--(BUSINESS WIRE)--Robbins LLP reminds investors that a shareholder filed a class action on behalf of all persons and entities that purchased or otherwise acquired Blue Ridge Bankshares, Inc. (NYSE: BRBS) securities between March 10, 2023 and October 31, 2023. Defendant Blue Ridge conducts its business activities through its “wholly-owned subsidiary bank, Blue Ridge Bank [. . .], and its wealth and trust management subsidiary, BRB Financial Group, Inc.”

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What is this Case About: Blue Ridge Bankshares, Inc. (BRBS) Has to Restate its Financial Statements due to Inadequate Internal Controls over Financial Reporting

According to the complaint, during the class period, defendants failed to disclose that: (1) Blue Ridge Bankshares, Inc.’s financial statements from March 10, 2023 to the present included certain errors; (2) as a result, Blue Ridge Bankshares would need to restate its previously filed financial statements from March 10, 2023 to October 31, 2023; and (3) as a result, Defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all times.

Plaintiff alleges that on October 31, 2023, Blue Ridge filed with the SEC a current report on Form 8-K announcing it would need to restate its consolidated financial statements for its 2022 Annual Report, and the first two quarters of 2023. On this news, the price of Blue Ridge stock fell $1.06 per share, or 33.65%, to close at $2.09 on November 1, 2023.

What Now: Similarly situated shareholders may be eligible to participate in the class action against Blue Ridge Bankshares, Inc. Shareholders who want to act as lead plaintiff for the class should contact Robbins LLP. Plaintiffs must file their lead plaintiff papers by February 5, 2024. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member. For more information, click here.

All representation is on a contingency fee basis. Shareholders pay no fees or expenses.

About Robbins LLP: Some law firms issuing releases about this matter do not actually litigate securities class actions; Robbins LLP does. A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002. Since our inception, we have obtained over $1 billion for shareholders.

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