COMPANY |
Sterling Bancorp, Inc. |
COURT |
United States District Court for the Eastern District of Michigan |
CASE NUMBER |
20-cv-10490 |
JUDGE |
The Honorable Judith E. Levy |
CLASS PERIOD |
November 17, 2017 – March 17, 2020 |
SECURITY TYPE |
Common Stock |
Case Background:
On February 26, 2020, the initial complaint in this securities class action was filed against Sterling Bancorp, Inc. (“Sterling” or the “Company”), and certain of Sterling’s directors and officers, asserting violations of Sections 10(b) and 20(a) of the Securities Exchange Act. This is a federal securities class action on behalf of investors who purchased or otherwise acquired the common stock of Sterling between November 17, 2017 and March 17, 2020, both dates inclusive (the “Class Period”).
The complaint alleges that, throughout the Class Period, Defendants made untrue statements of material fact and omitted other facts necessary to make the statements not misleading and failed to disclose material facts concerning, the Company's loan underwriting, risk management and internal controls, including repeatedly touting its strict underwriting, asset quality and the Advantage Loan Program.
Current Status of Case:
On July 2, 2020, Plaintiffs filed an amended complaint (the “Amended Complaint”). Defendants filed a Motion to Dismiss the Amended Complaint on September 22, 2020. On April 16, 2021, Plaintiff filed a Motion for Preliminary Approval of Settlement indicating that the parties had reached an agreement to settle the action in the amount of $12,500.00.00. On April 28, 2021, the Court entered an Order Preliminarily Approving the Settlement and scheduled a Final Settlement Hearing on September 16, 2021. On September 23, 2021, the Court approved the Settlement of this action. This action has concluded.
The deadline to file a claim is August 10, 2021. If you have any questions or need further information about this settlement, you may go to the following website, http://www.sterlingbancorpsecuritieslitigation.com/, or you can contact the claims administrator, A.B. Data, Ltd. at 1-877-933-4956.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: Jon Naji, Esq. (484) 270-1453; or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.