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New York, N.Y., February 7, 2017. The Pawar Law Group announces it is investigating potential breaches of fiduciary duty by management of Opus Bank (or the “Company”) (NASDAQ: OPB) resulting from allegations that management may have issued materially misleading business information to the investing public.
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On October 17, 2016, Opus Bank issued a press release entitled “Opus Bank Announces Loan Charge-Offs Will Impact Third Quarter Earnings.” Opus Bank stated, “As part of the credit review process of impaired loans, new developments supported charge-offs being recognized on eight loan relationships through the allowance for loan losses at September 30, 2016.” On this news, shares of Opus Bank declined $7.25 per share to close at $27.20 per share on October 17, 2016, damaging investors.
Our investigation concerns whether the Company issued false and misleading statements to investors causing investor losses. If you own Opus Bank shares and wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact
Vik Pawar, Esq.