NEW YORK, Oct. 27, 2016 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Opus Bank (“Opus Bank” or the “Company”) (NASDAQ:OPB) in the United States District Court for the Central District of California on behalf of purchasers of Orbital common stock between securities between July 28, 2014, and October 17, 2016, inclusive (the “Class Period”), seeking to pursue remedies under the Securities Exchange Act of 1934 (the “Exchange Act”).
The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and financial prospects. The Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose: (1) that a percentage of the Company’s loans were of inferior quality; (2) that the Company was over-representing the quality of the loans to the public; (3) that, as such, the Company failed to properly account for the loans in violation of Generally Accepted Accounting Principles (“GAAP”); (4) that, as a result, the Company would be forced to recognize large write-offs associated with the loans; (5) that the Company lacked adequate internal controls over accounting and financial reporting; and (6) that, as a result of the foregoing, Defendants’ positive statements about Opus’s business, operations, and financial prospects, were false and misleading and/or lacked a reasonable basis.
The Company’s stock price has dropped from a November 2015 high of $39.89 to a current price of $20.23.
Investors who purchased or otherwise acquired shares during the Class Period should contact the Firm prior to the December 27, 2016 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation or discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.
Please visit our website at http://www.gme-law.com for more information about the firm.