SAN DIEGO & WICHITA, Kan.–(BUSINESS WIRE)–$EQBK #ClassAction–Shareholder rights law firm Robbins
Arroyo LLP announces that a purchaser of Equity Bancshares, Inc.
(NASDAQ: EQBK) filed a class action complaint for alleged violations of
the Securities Exchange Act of 1934 between May 11, 2018 and April 22,
2019. Equity Bancshares provides a broad range of financial services in
Arkansas, Kansas, Missouri, and Oklahoma.
View this information on the law firm’s Shareholder Rights Blog: https://www.robbinsarroyo.com/equity-bancshares-inc/
Equity Bancshares Accused of Misleading Investors
According to the complaint, Equity Bancshares has been deceiving
investors about its credit operations. Since 2018, Equity Bancshares had
stated in various filings that its disclosure controls and procedures
were effective. However, it failed to disclose that it actually lacked
adequate internal controls to asses credit risk, and, as a result, was
likely to incur significant losses for certain substandard loans. The
truth emerged in January 2019, when Equity Bancshares disclosed that a
credit relationship had been downgraded. On this news, Equity Bancshares
fell more than 6% to close at $32.15 per share on January 24, 2019. In
April 2019, Equity Bancshares disclosed that a $14.5 million provision
for loss against a credit relationship had impacted its financial
results for first quarter 2019. On this news, Equity Bancshares fell
more than 16% to close at $24.71 per share on April 23, 2019, and has
yet to recover.
Equity Bancshares Shareholders Have Legal Options
Concerned shareholders who would like more information about their
rights and potential remedies can contact attorney Leo Kandinov at (800)
350-6003, [email protected]
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.
Attorney Advertising. Past results do not guarantee a similar outcome.
Robbins Arroyo LLP
5040 Shoreham Place
Diego, CA 92122
525-3990 or Toll Free (800) 350-6003