SAN DIEGO, April 22, 2023 (GLOBE NEWSWIRE) -- Shareholder rights law firm Johnson Fistel, LLP announces that a class action lawsuit has commenced on behalf of investors of Horizon Bancorp, Inc. (NASDAQ: HBNC). The class action is on behalf of shareholders who purchased Horizon Bancorp securities between March 9, 2022 and March 10, 2023, inclusive (the “Class Period”). Investors are hereby notified that they have until June 19, 2023, to move the Court to serve as lead plaintiff in this action.
What actions may I take at this time? If you suffered a loss and are interested in learning more about being a lead plaintiff, please contact Jim Baker (jimb@johnsonfistel.com) by email or phone at 619-814-4471. If emailing, please include a phone number.
To join this action, you can click or copy and paste the link below into a browser:
https://www.cognitoforms.com/JohnsonFistel/HorizonBancorpInc2
There is no cost or obligation to you.
According to the complaint, defendants failed to disclose that: (i) the Company maintained deficient internal accounting controls relating to its classification of certain loan balances and securities; (ii) as a result of the foregoing deficiencies, throughout 2022 the Company issued quarterly financial statements containing errors that would require subsequent revision; and (iii) restatement of the foregoing financial statements would hinder the Company’s ability to timely file its annual report for 2022.
On March 10, 2023, Horizon filed a notice of the Company’s inability to timely file its Annual Report on Form 10-K for the year ended December 31, 2022 with the SEC, announcing receipt of a notice from NASDAQ as a result of failing to timely file its annual report, as well as disclosing that it had identified material weaknesses in its internal controls. Following this news, Horizon’s stock price fell $1.43 per share, or 10.96%, to close at $11.62 per share on March 13, 2023.
A lead plaintiff will act on behalf of all other class members in directing the Horizon Bancorp class-action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the class-action lawsuit. An investor's ability to share any potential future recovery of the Horizon Bancorp class action lawsuit is not dependent upon serving as lead plaintiff.
For more information regarding the lead plaintiff process please refer to https://www.johnsonfistel.com/lead-plaintiff-deadlines.
About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. Johnson Fistel seeks to recover losses incurred due to violations of federal securities laws. For more information about the firm and its attorneys, please visit http://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.
Contact:
Johnson Fistel, LLP
Jim Baker, 619-814-4471
Investor Relations
jimb@johnsonfistel.com
