Connect with us
Our website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

News

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

gbafNews28

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 LKandinov@robbinsllp.com 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

SBTandinov@robbinsllp.com

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

www.robbinsllp.com

Advertisement
Editorial & Advertiser disclosure

Call for Entries

Global Banking and Finance Review Awards Nominations 2022
2022 Awards now open. Click Here to Nominate

Newsletters with Secrets & Analysis. Subscribe Now

Recommended

Global Banking & Finance Review® is a leading financial portal and Print Magazine offering News, Analysis, Opinion, Reviews, Interviews & Videos from the world of Banking, Finance, Business, Trading, Technology, Investing, Brokerage, Foreign Exchange, Tax & Legal, Islamic Finance, Asset & Wealth Management. Copyright © 2010-2021 GBAF Publications Ltd - All Rights Reserved.