Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses Exceeding $50,000 Investing In Equity Bancshares, Inc. To Contact The Firm
Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Equity Bancshares, Inc. ("Equity Bancshares" or the "Company") (NASDAQ: EQBK) of the June 19, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Equity Bancshares stock or options between May 11, 2018 and April 22, 2019 and would like to discuss your legal rights, please fill out the form below There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to email@example.com.
The lawsuit has been filed in the U.S. District Court for the Southren District of New York on behalf of all those who purchased Equity Bancshares securities between May 11, 2018 and April 22, 2019 (the "Class Period"). The case, Burr v. Equity Bancshares, Inc. et al, No. 19-cv-04346 was filed on May 13, 2019.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose to investors: (1) that the Company lacked adequate internal controls to assess credit risk; (2) that, as a result, certain of the Company’s loans posed an increased risk of loss; (3) that, as a result, the Company was reasonably likely to incur significant losses for certain substandard loans; and (4) that, as a result of the foregoing, the Company’s positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
On January 24, 2019, the Company disclosed that, during fourth quarter 2018, one credit relationship was downgraded to Watch and Substandard for $19 million and $9 million, respectively. On this news, Equity Bancshares's share price fell from $34.29 per share on January 23, 2019 to a closing price of $32.15 on January 24, 2019: a $2.14 or a 6.24% drop.
On April 22, 2019, the Company disclosed a $14.5 million provision for loss against the credit relationship, resulting in a $4.1 million net loss for first quarter 2019. On this news, Equity Bancshares's share price fell from $29.47 per share on April 22, 2019 to a closing price of $24.71 on April 23, 2019: a $4.76 or a 16.15% drop.
Equity Bancshares, Inc. (EQBK)
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Filed on 05/15/2019
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Richard W. Gonnello firstname.lastname@example.org Phone (212) 983-9330 Fax (212) 983-9331