SHAREHOLDER UPDATE: Glancy Prongay & Murray LLP Appointed Lead Counsel in Securities Class Action Against Eagle Bancorp, Inc.
LOS ANGELES--(BUSINESS WIRE)--Nov 8, 2019--
Glancy Prongay & Murray LLP (“GPM”) announces that it has been appointed Lead Counsel in the securities class action against Eagle Bancorp, Inc. (“Eagle” or the “Company”) (NASDAQ: EGBN ) and certain executive officers of the Company, currently pending in the United States District Court for the Southern District of New York.
Investors that purchased Eagle securities between March 2, 2015 and July 17, 2019 are encouraged to contact Lesley F. Portnoy, Esq. of GPM at 310-201-9150 to discuss the status of the case and the claims in the litigation.
The complaint filed in this class action alleges that 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 Eagle’s internal controls and procedures and compliance policies were inadequate; (2) that the foregoing shortcoming created a foreseeable risk of heightened regulatory scrutiny and the need for the Company undertake its own internal investigations; and (3) that as a result, certain of the Company’s public statements were materially false and misleading at all relevant times.
On December 1, 2017, Aurelius Value published a report alleging that the Company provided undisclosed “large insider loans that finance the CEO’s companies” and that there were “undisclosed financial entanglements between [Eagle’s] largest borrowers and the CEO.” Aurelius Value also accused insiders of treating Eagle as their own “private piggy bank.” On this news, Eagle’s share price fell $16.20, or 24.5%, to close at $49.95 per share on December 1, 2017, thereby injuring investors.
On July 17, 2019, Eagle disclosed rising legal costs stemming from ongoing internal and government investigations of “the Company’s identification, classification and disclosure of related party transactions; the retirement of certain former officers and directors; and the relationship of the Company and certain of its former officers and directors with a local public official.” On this news, Eagle’s stock price fell $14.30 per share, or 26.75%, to close at $39.15 per share on July 18, 2019, thereby injuring investors further.
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If you purchased Eagle securities during the Class Period, or if you have any questions concerning this case, the announcement, or your rights or interests with respect to these matters, or if you would like an update concerning the status of this case, would like to learn more about the case, or have information and wish to discuss these matters further, please contact Lesley Portnoy of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, by telephone at 310-201-9150, toll-free at 888-773-9224, by email at firstname.lastname@example.org, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number, transaction date(s) and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
View source version on businesswire.com:https://www.businesswire.com/news/home/20191108005529/en/
CONTACT: Glancy Prongay and Murray LLP, Los Angeles
Lesley Portnoy, 310-201-9150 or 888-773-9224
KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: LEGAL PROFESSIONAL SERVICES
SOURCE: Glancy Prongay & Murray LLP
Copyright Business Wire 2019.
PUB: 11/08/2019 01:27 PM/DISC: 11/08/2019 01:26 PM