Investors can contact the law firm at no cost to learn more about recovering their losses
LOS ANGELES, Feb. 05, 2024 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises Blue Ridge Bankshares, Inc. (“Blue Ridge” or the “Company”) (NYSE: BRBS) investors that the law firm has initiated an investigation on behalf of investors that lost money on their Blue Ridge stock. Blue Ridge investors are encouraged to contact the firm to discuss their legal rights.
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 844-767-8529 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case via www.portnoylaw.com. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
On October 31, 2023, Blue Ridge Bankshares announced in a filing with the U.S. Securities and Exchange Commission a significant revision in its financial reporting. The company's management and its Audit Committee, after discussions with its independent accounting firm and primary regulator, acknowledged that certain specialty finance loans, previously marked as nonaccrual, reserved for, or charged off in the interim periods ending March 31, 2023, and June 30, 2023, should have been classified as such in earlier periods. Consequently, Blue Ridge stated that its audited financial statements for the year ended December 31, 2022, and its unaudited interim financial statements for the quarters ended March 31, 2023, and June 30, 2023, should not be relied upon and would require restatement.
This restatement is expected to result in lower net income and earnings per share for the year ended December 31, 2022. Blue Ridge also admitted to a material weakness in the timely risk grading and nonaccrual status of its specialty finance loan portfolio, impacting the adequacy of its allowance for credit losses.
Following this disclosure, Blue Ridge's stock price experienced a significant drop, falling $1.06 per share or 33.65%, closing at $2.09 per share on November 1, 2023.
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The Portnoy Law Firm represents investors in pursuing claims caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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