NEW YORK, Oct. 25, 2016 /PRNewswire/ -- Tripp Levy PLLC, a law firm representing investors nationwide seeking to recover money lost due to investment fraud, is investigating possible securities fraud claims involving Opus Bank (NASDAQ: OPB) ("Opus" or the "Company"). This investigation relates to a recent announcement by Opus involving more than $38 million in loan relationship charge-offs.
Specifically, on October 17, 2016, Opus reported that: "As part of the credit review process of impaired loans, new developments supported charge-offs being recognized on eight loan relationships through the allowance for loan losses at September 30, 2016 …. Charge-offs for the eight loan relationships totaled $38.8 million and had specific reserves of $16.7 million previously recorded. In addition, these charge-offs increased the reserve levels recorded against the remaining loan portfolio by $13.6 million…."
The price of Opus Stock declined significantly following the Company's announcement, declining $7.25 per share (about 21%) in a single day of trading.
If you have information that could assist in this investigation, including past employees and others, or if you are an Opus Bank shareholder and have suffered a loss from your investment in Opus common stock and would like to learn more information about this investigation, including your ability to potentially recover your losses, please contact us either by email at email@example.com or by telephone at 800.511.7037 or visit our website at www.tripplevy.com/participate-in-an-action.
Tripp Levy PLLC represents individuals and institutional shareholders in shareholder matters and has assisted in the recovery of millions of dollars for shareholders in securities actions around the globe.
Attorney advertising. Prior results do not indicate a similar outcome.
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SOURCE Tripp Levy PLLC