On July 21, 2021, Eagle Bancorp issued a press release announcing its financial and operating results for the second quarter of 2021. Among other things, Eagle Bancorp disclosed that in connection with a previously disclosed investigation by the U.S. Securities and Exchange Commission (“SEC”), the Company’s “Chief Financial Officer recently received a Wells Notice from the [SEC] Staff that the Staff has made a preliminary determination to recommend to the [SEC] enforcement actions against him.”
On this news, Eagle Bancorp’s stock price fell $3.12 per share, or 5%, to close at $52.81 per share on July 22, 2021, damaging investors.
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