Investigation of Potential Action on Behalf of Sterling Bancorp, Inc. (Nasdaq: SBT) Shareholders
Sterling Bancorp, Inc. (“Sterling”) was founded by the Seligman family in 1984. Sterling went public in November 2017 after a three-year ramp-up in mortgages primarily issued to California residents. Two-thirds of Sterling’s loans, or four-fifths of its residential loans, were offered through Sterling’s Advantage Loan program. Sterling attributed the success of this product to its practice of meeting in person with each prospective customer and Sterling’s “disciplined and conservative underwriting approach.”
Kessler Topaz Meltzer & Check, LLP is investigating potential breaches of fiduciary duties and other violations of law by certain officers and members of Sterling’s Board of Directors related to its announcement that Sterling intends to permanently shutter the Advantage Loan program, based on its preliminary finding of misconduct by a “significant number” of employees and executives responsible for loan origination.
If you currently own shares of Sterling Bancorp, Inc. (Nasdaq: SBT) and would like to learn more about our investigation, please fill out our online form or contact us today toll free at 1-844-887-9500 or info@ktmc.com.