Energy News / Shareholders Foundation, Inc.

Deadline Upcoming in $17 Million Settlement in the Opus Bank (NASDAQ: OPB) Investor Lawsuit

Via: ReleaseWire

Updated 11:30 AM CDT, Mon, June 11,2018

A settlement was reached with the defendants in the lawsuit filed on behalf of certain investors of Opus Bank (NASDAQ: OPB) over alleged securities laws violations and a deadline to submit the settlement claim is upcoming on July 10, 2018 and NASDAQ: OPB investors should contact the Shareholders Foundation.

San Diego, CA -- (SBWIRE) -- 06/11/2018 -- A deadline is coming up on July 10, 2018 in the settlement reached in the securities class action lawsuit filed on behalf of investors who purchased shares of Opus Bank (NASDAQ: OPB) between January 26, 2015 and January 30, 2017.

Investors who purchased a significant amount of shares of Opus Bank (NASDAQ: OPB) between January 26, 2015 and January 30, 2017, have certain options and should contact the Shareholders Foundation by email at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

The settlement proof of claim form or detailed settlement notice for the settlement in the Opus Bank (NASDAQ: OPB) Investor Securities Class Action Lawsuit can be downloaded at: http://shareholdersfoundation.com/case/opus-bank-nasdaq-opb-investor-securities-class-action-lawsuit-10262016

In order to submit a claim an investor has to submit the claim proof to the class action claim administrator in a timely manner. The deadline to submit the proof with the class administrator is July 10, 2018. The class action administrator for this case is JND Legal Administration.

The lawsuit was originally filed in the U.S. District Court for the Central District of California over alleged violations of Federal Securities Laws by Opus Bank in connection with certain allegedly false and misleading statements made between July 28, 2014 and October 17, 2016.

According to the complaint the plaintiff alleges on behalf of purchasers of Opus Bank (NASDAQ: OPB) common shares between July 28, 2014 and October 17, 2016, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between July 28, 2014 and October 17, 2016, the defendants made false and/or misleading statements and/or failed to disclose that certain of the company's loans were of poor quality, that the company was over-representing the quality of the loans to the public, that, as such, the company failed to properly account for the loans in violation of Generally Accepted Accounting Principles ("GAAP"), that, as a result, the Company would be forced to recognize large charge-offs associated with the loans, that the Company lacked adequate internal controls over accounting and financial reporting, and that, as a result of the foregoing, defendants' positive statements about Opus's business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.

Those who purchased shares of Opus Bank (NASDAQ: OPB) have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com

For more information on this press release visit:
http://www.sbwire.com/press-releases/deadline-upcoming-in-17-million-settlement-in-the-opus-bank-nasdaq-opb-investor-lawsuit-992338.htm

Media Relations Contact
Michael Daniels
858-779-1554
Email: Click to Email Michael Daniels
Web: http://www.ShareholdersFoundation.com