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Shareholder Alert: Robbins LLP Announces Sterling Bancorp, Inc. (SBT) Sued for Misleading Shareholders


Shareholder rights law firm Robbins LLP announces that a purchaser of Sterling Bancorp, Inc. (NASDAQ: SBT) filed a class action complaint against the Company for alleged violations of the Securities Exchange Act of 1934 between November 17, 2017 and December 8, 2019. Sterling Bancorp is the unitary thrift holding company of Sterling Bank and Trust.

If you suffered a loss as a result of Sterling Bancorp’s misconduct, click here.

Sterling Bancorp, Inc. (SBT) Accused of Misleading Shareholders

According to the complaint, on November 17, 2017, Sterling held its initial public offering, selling 17,250,000 shares at $12 per share for total proceeds of $207 million. In the Company’s Registration Statement and throughout the relevant period, the Company touted its “large and growing portfolio,” as well as the significance of its Advantage Loan Program, disclosing that the program constituted 77% of its loan portfolio. Then, on June 21, 2019, Sterling entered into an agreement with the Office of the Comptroller of the Currency (“OCC”) to enhance its anti-money-laundering and Bank Secrecy Act compliance, but assured investors that the Company did not believe the agreement would materially impact its performance. Despite its assurances, on December 9, 2019, Sterling revealed that it was suspending its Advantage Loan Program, which constituted two-thirds of Sterling Bancorp’s total loans, due to an internal review of documentation on past loans and acknowledged potential repercussions could include “slower overall loan portfolio growth, and less loan sales.” Since this news, Sterling’s shares have fallen almost 26%, currently trading at around $7.00 per share.

Sterling Bancorp, Inc. (SBT) Shareholders Have Legal Options

Contact us to learn more: Leo Kandinov (800) 350-6003 Shareholder Information Form

Robbins LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. Click here to receive free alerts from Stock Watch when companies engage in wrongdoing.

Attorney Advertising. Past results do not guarantee a similar outcome.

Leo Kandinov

Robbins LLP

(619) 525-3990 or Toll Free (800) 350-6003

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