Press release
Investigation announced for Investors in NASDAQ: HBNC shares over possible Securities Law Violations by Horizon Bancorp, Inc.
An investigation for investors in Horizon Bancorp, Inc. (NASDAQ: HBNC) shares over potential securities laws violations.
Investors who purchased shares of Horizon Bancorp, Inc. (NASDAQ: HBNC), have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Horizon Bancorp, Inc. (NASDAQ: HBNC) concerning whether a series of statements by Horizon Bancorp, Inc. regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
Michigan City, IN based Horizon Bancorp, Inc. operates as the bank holding company for Horizon Bank that provides a range of commercial and retail banking services. Horizon Bancorp, Inc. reported that its annual Total Revenue rose from $228.26 million in 2021 to $241.55 million in 2022, and that its Net Income increased from $87.09 million in 2021 to $93.4 million in 2022.
On March 10, 2023, after trading hours, Horizon Bancorp, Inc. filed a current report on Form 8-K as well as a late filing notice with the Securities & Exchange Commission ("SEC"). In these filings, it announced that it had received a notice from NASDAQ as a result of failing to timely file its annual report, and that it had identified material weaknesses in its internal controls.
Specifically, the material weaknesses in internal controls issues related to "(i) accounting revisions of previously issued financial statements with respect to the classification of sold commercial loan participation balances, the reporting of indirect loan dealer reserve asset balances and related amortization expense and the classification of certain available for sale and held to maturity securities from private labeled mortgage-backed pools to federal agency mortgage pool, which revisions were previously disclosed in the Earnings Release and the Company's Form 10-Q filings during 2022, in addition to errors in previously issued financial statement disclosures relating to the transfer of available for sale to held to maturity securities and the cash flow classification of repurchases of outstanding stock from an investing activity to a financing activity, which will be disclosed for the first time in the 2022 Form 10-K, and (ii) a calculation error in the Company's public float as noted above."
Shares of Horizon Bancorp, Inc. (NASDAQ: HBNC) declined from $20.11 per share on October 25, 2022, to as low as $11.01 per share on March 14, 2023.
Those who purchased shares of Horizon Bancorp, Inc. (NASDAQ: HBNC) have certain options and should contact the Shareholders Foundation.
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 lawsuits, 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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