HAGENS BERMAN, NATIONAL TRIAL ATTORNEYS, Encourages Sterling Bancorp, Inc. (SBT) Investors to Contact Its Attorneys, Securities Fraud Investigation Opened
SAN FRANCISCO, Dec. 10, 2019 /PRNewswire/ -- Hagens Berman urges Sterling Bancorp, Inc. (NASDAQ: SBT) investors who have suffered significant losses to submit their losses now to learn if they qualify to recover compensable damages. The firm has opened an investigation into Sterling and investors may have valuable claims under the federal securities laws.
Relevant Holding Period: On or before Dec. 9, 2019 |
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Sign Up: www.hbsslaw.com/investor-fraud/SBT |
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Contact An Attorney Now: |
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844-916-0895 |
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Sterling Bancorp, Inc. (SBT) Investigation:
The investigation centers on whether Sterling misrepresented or omitted material facts concerning its compliance with stated loan approval processes for its Advantage Loan Program.
Sterling is a community bank widely known for its specialized Advantage Loan Program, which makes up 80% of the Company's residential loan portfolio. The Advantage Loan Program primarily offers adjustable rate mortgages (ARMS) to homebuyers with purportedly good credit but limited history. In past SEC filings, Sterling has touted Advantage's stringent loan approval process, representing that the Company not only requires "financial and other information from our borrowers, but our loan officers are required to meet face-to-face with each of our borrowers in our Advantage program and produce a narrative documentation recommending the loan."
On Dec. 9, 2019, Sterling stunned investors when it announced that it had suspended its Advantage Loan Program. The Company disclosed that it had engaged in an internal review of the Advantage Loan Program's documentation procedures. As a result of an audit of documentation on past loans, Sterling stated that its management believed it was prudent to temporarily halt the program so that "it could put in place additional systems and controls to ensure the Bank's policies and procedures are followed on loans originated under the program."
On this news, Sterling's stock price plunged 22%, significantly injuring investors.
"We're focused on recovering investors' losses and whether Sterling concealed its systemic violation of its stated loan approval processes for the Advantage Loan Program," said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you purchased shares of Sterling and suffered significant losses, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Sterling should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email [email protected].
About Hagens Berman
Hagens Berman is a national law firm with nine offices in eight cities around the country and eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Contact:
Reed Kathrein, 844-916-0895
SOURCE Hagens Berman Sobol Shapiro LLP
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