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Lawsuit filed for Investors in NASDAQ: SBT shares over alleged Securities Laws Violations by Sterling Bancorp, Inc.

03-17-2020 06:19 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Shareholders Foundation

A lawsuit was filed on behalf of investors in Sterling Bancorp, Inc. (NASDAQ: SBT) shares over alleged securities laws violations.

A lawsuit was filed on behalf of investors in Sterling Bancorp, Inc. (NASDAQ: SBT) shares over alleged securities laws violations.

An investor, who purchased shares of Sterling Bancorp, Inc. (NASDAQ: SBT), filed a lawsuit over alleged violations of Federal Securities Laws by Sterling Bancorp, Inc. connection with certain allegedly false and misleading statements made between November 17, 2017 through and including December 8, 2019.

Investors who purchased shares of Sterling Bancorp, Inc. (NASDAQ: SBT) have certain options and for certain investors are short and strict deadlines running. Deadline: April 27, 2020. NASDAQ: SBT investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

Sterling Bancorp, Inc. (Southfield, MI) operates as the unitary thrift holding company for Sterling Bank and Trust, F.S.B. that provides community banking services to individual and business customers.
On November 17, 2017, Sterling Bancorp commenced its initial public offering ("IPO"), offering 15 million shares of common stock priced at $12.00 per share.
On June 21, 2019, Sterling Bancorp disclosed that it had entered into an agreement with the Office of the Comptroller of the Currency to enhance its anti-money laundering and Bank Secrecy Act compliance. Later that day, Sterling Bancorp announced the resignation of Jon Fox, a member of the Company's Audit and Risk Management Committee, from its Board of Directors.
On December 9, 2019, Sterling Bancorp disclosed that it "voluntarily and temporarily suspended its Advantage Loan program in connection with an ongoing internal review of the program's documentation." On that same day, shares of Sterling common stock fell $2.16 per share to close at $7.29 per share, a decline of nearly 23%.

The plaintiff alleges on behalf of investors of Sterling Bancorp (NYSE: STL) who purchased shares of Sterling Bancorp, Inc. (NASDAQ: SBT) in connection with the Company's initial public offering ("IPO") and/or between November 17, 2017 through and including December 8, 2019, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that the defendants made untrue statements of material fact and omitted other facts necessary to make the statements not misleading and failed to disclose material facts concerning, inter alia, the Company's loan underwriting, risk management and internal controls, including repeatedly touting its strict underwriting, asset quality and the Advantage Loan Program.

Those who purchased shares of Sterling Bancorp (NYSE: STL) have certain options and should contact the Shareholders Foundation.

Media Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

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