The lawsuit focuses on whether the Company and its executives violated federal securities laws by misrepresenting the quality of the certain loans made to the public in its financial statements in a potential violation of Generally Accepted Accounting Principles.
Specifically, on October 17, 2016, the Company announced, through a press release titled "Opus Bank Announces Loan Charge-Offs Will Impact Third Quarter Earnings", that loan charge-offs would impact its earnings for the third quarter 2016 and disclosed that it recognized charge-offs on eight loan relationships through the allowance for significant loan losses at September 30, 2016.
After the announcement, Opus's share price fell from $34.45 per share on October 16, 2016 to a closing price of $27.20 on October 17, 2016—a $7.25 or a 21% drop. Since then, the share price has continued to decline. On October 26, 2016, the stock price had dropped a further $7.10 per share to close at $20.10 per share—a 26% drop.
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If you invested in purchased Opus stock or options between July 28, 2014 and October 17, 2016 and would like to discuss your legal rights, visit www.faruqilaw.com/OPB. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding Opus's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class that is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
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FARUQI & FARUQI, LLP
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Attn: Richard Gonnello, Esq.
Telephone: (877) 247-4292 or (212) 983-9330
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