LOS ANGELES--(BUSINESS WIRE)--The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Sterling Bancorp, Inc. (“Sterling Bancorp” or “the Company”) (NASDAQ: SBT) for violations of the securities laws.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Sterling Bancorp disclosed on December 9, 2019, that its Sterling Bank & Trust, FSB subsidiary suspended its Advantage Loan program due to an ongoing internal investigation of its documentation procedures. The investigation includes auditing the documentation of past loans and adding “systems of controls to ensure the Bank’s policies and procedures are followed for loan origination.” Based on this news, shares of Sterling Bancorp fell by almost 23% on the same day.
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We also encourage you to contact Brian Schall of the Schall Law Firm, 1880 Century Park East, Suite 404, Los Angeles, CA 90067, at 424-303-1964, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at brian@schallfirm.com.
The class in this case has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
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