BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces an investigation on behalf of First Northwest Bancorp (“FNWB” or the “Company”) (NASDAQ:FNWB) investors concerning the Company’s possible violations of federal securities laws.
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.
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 Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847 or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.