RADNOR, Pa., Nov. 29, 2016 /PRNewswire/ -- The law firm of Kessler Topaz Meltzer & Check, LLP announces that a shareholder class action lawsuit has been filed against Opus Bank (Nasdaq: OPB) ("Opus" or the "Company") on behalf of purchasers of the Company's securities between July 28, 2014 and October 17, 2016, inclusive (the "Class Period").
Investors who purchased Opus securities during the Class Period may, no later than December 27, 2016, petition the Court to be appointed as a lead plaintiff representative of the class. For additional information or to learn how to participate in this action please visit https://www.ktmc.com/new-cases/opus-bank#join.
Opus shareholders who wish to discuss this action and their legal options are encouraged to contact Kessler Topaz Meltzer & Check, LLP (Darren J. Check, Esq., D. Seamus Kaskela, Esq. or Adrienne O. Bell, Esq.) at (888) 299-7706 or at [email protected].
Opus provides banking products and services to small and mid-sized companies, entrepreneurs, real estate investors, professionals and high net worth individuals.
The complaint alleges that, throughout the Class Period, Opus and certain of its executive officers made materially false and/or misleading statements and/or failed to disclose to investors: (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; (4) that, as a result, the Company would be forced to recognize large charge-offs associated with the loans; and (5) that the Company lacked adequate internal controls over accounting and financial reporting. The complaint further alleges that, as a result of the foregoing, the defendants' positive statements about the Company's business, operations and prospects were false and misleading and/or lacked a reasonable basis.
On October 17, 2016, the Company issued a press release entitled "Opus Bank Announces Loan Charge-Offs Will Impact Third Quarter Earnings." Therein, the Company disclosed that its Third Quarter 2016 financial results "will include a $0.59 per diluted share impact from loan charge-offs and is expected to result in a net loss of approximately $0.05 per diluted share for the third quarter of 2016."
On this news, shares of the Company's stock declined $7.25 per share, or over 21%, to close at $27.20 per share on October 17, 2016, on unusually heavy trading volume.
Opus shareholders may, no later than December 27, 2016, petition the Court to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check or other counsel, or may choose to do nothing and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. In order to be appointed as a lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class in the action. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff. For additional information, or to learn how to participate in this action, please visit https://www.ktmc.com/new-cases/opus-bank#join.
Kessler Topaz Meltzer & Check prosecutes class actions in state and federal courts throughout the country. Kessler Topaz Meltzer & Check is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). The complaint in this action was not filed by Kessler Topaz Meltzer & Check. For more information about Kessler Topaz Meltzer & Check, please visit www.ktmc.com.
Kessler Topaz Meltzer & Check, LLP
Darren J. Check, Esq.
D. Seamus Kaskela, Esq.
Adrienne O. Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
SOURCE Kessler Topaz Meltzer & Check, LLP