BENSALEM, Pa.--(BUSINESS WIRE)--
Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Opus Bank (“Opus” or the “Company”) (NASDAQ: OPB) securities between July 28, 2014, and October 17, 2016, inclusive (the “Class Period”).
Investors suffering losses on their Opus investments have until December 27, 2016 to serve as lead plaintiff. Please contact the Law Offices of Howard G. Smith to discuss this class action at 888-638-4847 or by email to [email protected].
The complaint filed in this action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose: (1) that certain of the Company’s loans were of poor quality; (2) that the Company was over-representing the quality of the loans to the public; (3) that, as such, the Company failed to properly account for the loans in violation of Generally Accepted Accounting Principles (“GAAP”); (4) that, as a result, the Company would be forced to recognize large charge-offs associated with the loans; (5) that the Company lacked adequate internal controls over accounting and financial reporting; and (6) that, as a result of the foregoing, Defendants’ positive statements about Opus’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
If you purchased shares of Opus during the Class Period you may move the Court no later than December 27, 2016 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you 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, toll-free at (888) 638-4847, or by email to [email protected], or visit our website at http://www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
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