SHAREHOLDER ALERT: Bronstein, Gewirtz & Grossman, LLC Reminds Investors of Class Action Against Bank OZK (OZK) & Lead Plaintiff Deadline- December 26, 2018
NEW YORK, Nov. 29, 2018 (GLOBE NEWSWIRE) -- Attorney Advertising--Bronstein, Gewirtz & Grossman, LLC reminds investors that a class action lawsuit has been filed against Bank OZK (“Bank OZK” or the “Company”) (NASDAQ: OZK) and certain of its officers, on behalf of shareholders who purchased or otherwise acquired Bank OZK securities between February 19, 2016 through October 18, 2018, both dates inclusive (the “Class Period”). Such investors are encouraged to join this case by visiting the firm’s site: bgandg.com/ozk.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements and/or failed to disclose that: (1) Bank OZK lacked adequate internal controls to assess credit risk; (2) as a result, certain of the Bank OZK’s loans posed an increased risk of loss; (3) certain substandard loans were reasonably likely to lead to charge-offs; and (4) consequently, defendants’ positive statements about Bank OZK’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
On October 18, 2018, Bank OZK issued a press release announcing its financial and operating results for the third quarter of 2018. In the press release, Bank OZK announced, among other results: (1) that the Bank incurred combined charge-offs of $45.5 million on two projects in North Carolina and South Carolina; (2) that, primarily due to the foregoing charge-offs, the Bank’s provision for loan losses totaled $41.9 million for the third quarter of 2018, compared to $7.8 million for the third quarter of 2017; and (3) net income for the third quarter of 2018 was $74.2 million, a 22.7% decrease from the third quarter of 2017. On this news, Bank OZK’s stock price fell $9.33 per share, or 26.77%, to close at $25.52 per share on October 19, 2018.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm’s site: bgandg.com/ozk or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Bank OZK you have until December 26, 2018 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact:Bronstein, Gewirtz & Grossman, LLC Peretz Bronstein or Yael Hurwitz 212-697-6484 | firstname.lastname@example.org