Glancy Prongay & Murray LLP Files a Securities Class Action Behalf of Equity Bancshares, Inc. Investors (EQBK)
LOS ANGELES–(BUSINESS WIRE)–lt;a href=”https://twitter.com/search?q=%24EQBK&src=ctag” target=”_blank”gt;$EQBKlt;/agt; lt;a href=”https://twitter.com/hashtag/CLASSACTION?src=hash” target=”_blank”gt;#CLASSACTIONlt;/agt;–Glancy
Prongay & Murray LLP (“GPM”) announces that it has filed a class
action lawsuit in the United States District Court for the Southern
District of New York, captioned Burr v. Equity Bancshares, Inc. et al.,
(Case No. 1:19-cv-04346), on behalf of persons and entities that
purchased or otherwise acquired Equity Bancshares, Inc. (NASDAQ: EQBK)
(“Equity Bancshares” or the “Company”) securities between May 11,
2018 and April 22, 2019, inclusive (the “Class Period”). Plaintiff
pursues claims under Sections 10(b) and 20(a) of the Securities Exchange
Act of 1934 (the “Exchange Act”).
Investors are hereby notified that they have 60 days from the date of
this notice to move the Court to serve as lead plaintiff in this
action.
If you are a shareholder who suffered a loss, click here
to participate.
On April 22, 2019, after the market closed, the Company reported a $4.1
million net loss for first quarter 2019, partly due to a $14.5 million
impairment for loss against a credit relationship.
On this news, the Company’s share price fell $4.76, or over 16%, to
close at $24.71 per share on April 23, 2019, thereby damaging investors.
The complaint filed in this class action alleges that the Registration
Statements were false and misleading and omitted to state material
adverse facts. Throughout the Class Period, Defendants made materially
false and/or misleading statements, as well as failed to disclose
material adverse facts about the Company’s business, operations, and
prospects. Specifically, Defendants failed 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, Defendants’ positive
statements about the Company’s business, operations, and prospects were
materially misleading and/or lacked a reasonable basis.
Follow us for updates on Twitter: twitter.com/GPM_LLP.
If you purchased Equity Bancshares securities during the Class Period,
you may move the Court no later than 60 days from the date of
this notice to ask the Court to appoint you as lead plaintiff. To be
a member of the Class you need not take any action at this time; you may
retain counsel of your choice or take no action and remain an absent
member of the Class. If you wish to learn more about this action, or if
you have any questions concerning this announcement or your rights or
interests with respect to these matters, please contact Lesley Portnoy,
Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles,
California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com,
or visit our website at www.glancylaw.com.
If you inquire by email please include your mailing address, telephone
number and number of shares purchased.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
Contacts
Glancy Prongay and Murray LLP, Los Angeles
Lesley Portnoy,
310-201-9150 or 888-773-9224
www.glancylaw.com
shareholders@glancylaw.com