LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces an investigation of First Northwest Bancorp (“FNWB” or the “Company”) (NASDAQ: FNWB) on behalf of investors concerning the Company’s possible violations of federal securities laws.
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On October 25, 2024, FNWB disclosed that its second quarter 2024 financial results should no longer be relied upon due to an additional $6.6 million in charge-offs and increased provision on consumer loans, resulting in a total restated provision for credit losses on loans of $8.7 million. Additionally, the Company stated that a material weakness in the Company’s internal control over financial reporting existed as of June 30, 2024.
On this news, FNWB’s stock price fell $0.23, or 2.2%, to close at $10.13 per share on October 28, 2024, thereby injuring investors.
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If you purchased FNWB 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, 2121 Avenue of the Stars, Suite 800, Century City, California 90067 at 310-914-5007, by email to info@frankcruzlaw.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.
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