Eagle Bancorp investors may receive additional information about the case by clicking the link "Submit Your Information" above.
According to the complaint, Eagle Bancorp operates as the bank holding company for EagleBank, Inc., which provides commercial and consumer banking services primarily in the United States.
The Class Period commences on March 2, 2015, when Eagle Bancorp filed its Annual Report on a Form 10-K with the SEC, announcing Eagle Bancorp’s financial and operating results for the fiscal year ended December 31, 2014. The Annual Report stated, in relevant part, that “[t]he [c]ompany’s internal control over financial reporting includes those policies and procedures that pertain to the [c]ompany’s ability to record, process, summarize and report reliable financial data. The internal control system contains monitoring mechanisms, and appropriate actions taken to correct identified deficiencies.” The Annual Report further stated, “management believes that the [c]ompany maintained effective internal control over financial reporting as of December 31, 2014. Management’s assessment concluded that there were no material weaknesses within the [c]ompany’s internal control structure.”
According to the complaint, on July 17, 2019, Eagle Bancorp issued a press release announcing “Net Income For Second Quarter 2019 of $37.2 Million and Total Assets of $8.7 Billion.” In the press release, Eagle Bancorp disclosed ongoing internal and government investigations into its disclosure of related party transactions, the retirement of certain former officers and directors, and the relationship of Eagle Bancorp and certain of its former officers and directors with a local public official. Following this news, Eagle Bancorp’s stock price fell $14.30 per share, or 26.75%, to close at $39.15 per share on July 18, 2019.
The complaint alleges that, throughout the Class Period, the defendants made false and/or misleading statements and/or failed to disclose that: (i) Eagle Bancorp’s internal controls and procedures and compliance policies were inadequate; (ii) the foregoing shortcoming created a foreseeable risk of heightened regulatory scrutiny and the need for Eagle Bancorp to undertake its own internal investigations; and (iii) as a result, Eagle Bancorp’s public statements were materially false and misleading at all relevant times.
If you are a member of the class described above, you may no later than September 23, 2019 move the Court to serve as lead plaintiff of the class, if you so choose.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Returning the attached form or communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.
Kessler Topaz Meltzer & Check, LLP has not filed a complaint in this matter. 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 toll free at 1-844-887-9500 or 1-610-667-7706, 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.
CONTACT:
Kessler Topaz Meltzer & Check, LLP
James Maro, Esq. or Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
1-844-887-9500 (toll free) or 1-610-667-7706
Or by e-mail at info@ktmc.com