Bernstein Liebhard LLP Announces That Approximately 7 Weeks Remain to Make a Motion for Lead Plaintiff in a Class Action Against Equity Bancshares Inc. – EQBK
NEW YORK, May 21, 2019 (GLOBE NEWSWIRE) -- Bernstein Liebhard LLP, a nationally acclaimed investor rights law firm, announced today that approximately seven weeks remain to make a motion to serve as a lead plaintiff in a class action pending against Equity Bancshares, Inc. (“Equity Bancshares,” “EQBK” or the “Company) (NASDAQ: EQBK).
If you wish to serve as lead plaintiff in the EQBK Class Action Lawsuit you must move the court no later than July 12, 2019. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery does not require that you serve as lead plaintiff. If you take no action, you may remain an absent class member.
The complaint, which was filed in the United States District Court for the Southern District of New York, alleges claims on behalf of those who purchased EQBK securities between May 11, 2018 and April 22, 2019, both dates inclusive (the “Class Period”). The lawsuit seeks to recover damages for Equity Bancshares investors under the Securities Exchange Act of 1934.
According to the lawsuit, throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) Equity Bancshares lacked adequate internal controls to assess credit risk; (2) certain of Equity Bancshares’ loans posed an increased risk of loss; (3) Equity Bancshares was reasonably likely to incur significant losses for certain substandard loans; and (4) that, as a result of the foregoing, Defendants’ positive statements about Equity Bancshares’ business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
On April 22, 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’ share price fell $4.76, or more than 16%, to close at $24.71 per share on April 23, 2019.
If you purchased EQBK securities, and/or would like to discuss your legal rights and options, please visit https://www.bernlieb.com/cases/equitybancshares-eqbk-class-action-lawsuit-fraud-stock-131/ or contact Matthew E. Guarnero toll free at (877) 779-1414 or MGuarnero@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.
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