SAN FRANCISCO — On February 26, 2020, Berman Tabacco filed a class action lawsuit for violations of the federal securities laws against Sterling Bancorp, Inc. (“Sterling” or the “Company”) (NASDAQ: SBT), certain of its current and former officers and directors, and the underwriters for the Company’s initial public offering (“IPO”) on behalf of investors who purchased or otherwise acquired Sterling common stock from November 17, 2017 through and including December 8, 2019, (the “Class Period”) and investors who purchased or otherwise acquired Sterling common stock in or traceable to the Company’s IPO.
Berman Tabacco filed this action in the Eastern District of Michigan on behalf of its client, Oklahoma Police Pension and Retirement System. The case is captioned Oklahoma Police Pension and Retirement System v. Sterling Bancorp, Inc, et al., No. 2:20-cv-10490. A copy of the complaint is available on the firm’s website [here].
Sterling, headquartered in Southfield, Michigan, is the unitary thrift holding company of Sterling Bank and Trust. The Company specializes in residential mortgages but offers a broad suite of products to the residential and commercial markets as well as retail banking services. Throughout the Class Period, the Company’s largest lending product was its Advantage Loan Program, constituting the majority of the Company’s loans.
On December 9, 2019, the Company disclosed that it “voluntarily and temporarily suspended its Advantage Loan program in connection with an ongoing internal review of the program’s documentation.” On that same day, shares of Sterling common stock fell $2.16 per share to close at $7.29 per share, a decline of nearly 23%.
The complaint filed in this class action alleges that, throughout the Class Period, defendants made untrue statements of material fact and omitted other facts necessary to make the statements not misleading and failed to disclose material facts concerning, inter alia, the Company’s loan underwriting, risk management and internal controls, including repeatedly touting its strict underwriting, asset quality and the Advantage Loan Program.
If you wish to serve as Lead Plaintiff for the Class, you must file a motion with the Court no later than Monday, April 27, 2020. Any member of the proposed Class may move the Court to serve as Lead Plaintiff through counsel of their choice, or may choose to do nothing and remain a member of the proposed Class.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Berman Tabacco Attorneys A. Chowning Poppler or Nicole A. Maruzzi at (800) 516-9926 or via email at cpoppler@bermantabacco.com or nmaruzzi@bermantabacco.com.
You may also submit information through our website at: https://www.bermantabacco.com/case/sterling/.
Contacts
A. Chowning Poppler
cpoppler@bermantabacco.com
(800) 516-9926
Nicole A. Maruzzi
nmaruzzi@bermantabacco.com
(800) 516-9926