LOS ANGELES--(BUSINESS WIRE)--
Lundin Law PC, a shareholder rights firm, announces a class action lawsuit against Opus Bank (“Opus Bank” or the “Company”) (Nasdaq: OPB) concerning possible violations of federal securities laws between July 28, 2014 and October 17, 2016 inclusive (the “Class Period”). Investors who purchased or otherwise acquired shares during the Class Period should contact the firm in advance of the December 27, 2016 lead plaintiff motion deadline.
To participate in this class action lawsuit, click here. You can also call Brian Lundin, Esquire, of Lundin Law PC, at 888-713-1033, or e-mail him at [email protected].
No class has been certified in the above action yet. Until a class is certified, you are not considered represented by an attorney. You may also choose to do nothing and be an absent class member.
According to the Complaint, Opus Bank made false and/or misleading statements and/or failed to disclose: that some of the Company’s loans were of low quality; that Opus Bank was over-representing the quality of the loans to the public; that the Company failed to properly account for the loans in violation of the Generally Accepted Accounting Principles; that the Company would be forced to recognize large charge-offs associated with the loans; that Opus Bank lacked adequate internal controls over accounting and financial reporting; and that as a result of the above, the Company’s statements about its business, operations and prospects were false and misleading and/or lacked a reasonable basis.
On October 17, 2016, the Company announced its earnings for the third quarter 2016 and disclosed that it recognized charge-offs on eight loan relationships through the allowance for loan losses at September 30, 2016.
Lundin Law PC was established by Brian Lundin, a securities litigator based in Los Angeles dedicated to upholding shareholders’ rights.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
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