Bragar Eagel & Squire, P.C. reminds investors that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of all investors that purchased Eagle Bancorp, Inc. (NASDAQ:EGBN) securities between March 2, 2015 to July 17, 2019 (the Class Period). Investors have until September 23, 2019 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
Click here to participate in the action.
The complaint, filed on July 24, 2019, alleges that throughout the Class Period, defendants made materially false and misleading statements regarding the Companys business, operational and compliance policies. Specifically, defendants made false and/or misleading statements and/or failed to disclose that: (i) Eagle Bancorps internal controls and procedures and compliance policies were inadequate; (ii) the foregoing shortcoming created a foreseeable risk of heightened regulatory scrutiny and the need for the Company to undertake its own internal investigations; and (iii) as a result, the Companys public statements were materially false and misleading at all relevant times.
On July 17, 2019, Eagle Bancorp disclosed rising legal costs stemming from ongoing internal and government investigations of the Companys identification, classification and disclosure of related party transactions; the retirement of certain former officers and directors; and the relationship of the Company and certain of its former officers and directors with a local public official.
On this news, Eagle Bancorps stock price fell $14.30 per share, or 26.75%, to close at $39.15 per share on July 18, 2019.
Bragar Eagel & Squire, P.C. is a New York-based law firm concentrating in commercial and securities litigation. For additional information concerning the Eagle Bancorp class action please go to https://bespc.com/EGBN. For additional information about Bragar Eagel & Squire, P.C. please go to www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.