Robbins Arroyo LLP: Bank OZK (OZK) Misled Shareholders According to Class Action
SAN DIEGO & LITTLE ROCK, Ark.--(BUSINESS WIRE)--Nov 26, 2018--Shareholder rights law firm Robbins Arroyo LLP announces that purchasers of Bank OZK (NasdaqGS: OZK) have filed another class action complaint against the company’s officers and directors for alleged violations of the Securities Exchange Act of 1934 between February 19, 2016 and October 18, 2018. Bank OZK is a retail and commercial bank.
View this information on the law firm’s Shareholder Rights Blog: https://www.robbinsarroyo.com/bank-ozk-nov-2018/.
Bank OZK Accused of Failing to Manage Its Credit Risk
According to the complaint, Bank OZK informed investors that it attempted to minimize its credit risk through prudent loan and lease underwriting procedures. However, because Bank OZK did not have adequate internal controls to assess credit risk, certain of its loans posed an increased risk of loss and certain substandard loans were likely to lead to charge-offs. On October 18, 2018, Bank OZK reported that it had incurred charge-offs of $45.5 million on two Real Estate Specialties Group credits, which had previously been classified as substandard. On this news, Bank OZK’s stock price dropped more than 26% to close at $25.52 per share on October 19, 2018, and have yet to recover their value.
Bank OZK Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Leonid Kandinov at (800) 350-6003, LKandinov@robbinsarroyo.com, or via the shareholder information form on the firm’s website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. Sign up for our FREE portfolio monitoring service, Stock Watch.
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View source version on businesswire.com:https://www.businesswire.com/news/home/20181126005711/en/
CONTACT: Leonid Kandinov
Robbins Arroyo LLP
(619) 525-3990 or Toll Free (800) 350-6003
KEYWORD: UNITED STATES NORTH AMERICA ARKANSAS CALIFORNIA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES LEGAL
SOURCE: Robbins Arroyo LLP
Copyright Business Wire 2018.
PUB: 11/26/2018 03:27 PM/DISC: 11/26/2018 03:27 PM