SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Bank OZK - OZK
NEW YORK, Nov. 09, 2018 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Bank OZK (“Bank OZK” or the “Company”) (NASDAQ: OZK). Such investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 888-476-6529, ext. 9980.
The investigation concerns whether Bank OZK and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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: (i) that the Bank incurred combined charge-offs of $45.5 million on two projects in North Carolina and South Carolina; (ii) 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 (iii) 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.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.