According to the lawsuit, during the Class Period, defendants made false and/or misleading statements and/or failed to disclose that:
- Bancorp had underrepresented the significant risk of default or loss on its real estate bridge loan (“REBL”) loan portfolio;
- Bancorp’s current expected credit loss methodology was insufficient to account for the provision and/or allowance of credit losses;
- as a result of the foregoing, Bancorp was reasonably likely to increase its provision for credit losses;
- there were material weaknesses in its internal control over financial reporting;
- its financial statements had not been approved by its independent auditor;
- as a result of the foregoing, defendants’ positive statements about Bancorp’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
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