NEW YORK--(BUSINESS WIRE)--The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Eastern District of Michigan on behalf of those who acquired Sterling Bancorp, Inc. (“Sterling” or the “Company”) (NASDAQ: SBT) securities during the period from November 17, 2017 through December 8, 2019 and/or pursuant to the Company’s November 17, 2017 Initial Public Offering (“IPO”). Investors have until April 27, 2020 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
The lawsuit alleges that Defendants failed to disclose material 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.
On November 17, 2017, Sterling commenced its IPO, offering fifteen million shares of common stock at a price of $12.00 per share.
On December 9, 2019, Sterling 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.
If you acquired Sterling securities, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney LLP at 212-371-6600, by email at investigations@kmllp.com, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, and whistleblower litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website: www.kmllp.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
