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Equity Bancshares, Inc. (NASDAQ: EQBK) Investor Securities Class Action Lawsuit 05/13/2019

  • If you purchased shares of Equity Bancshares, Inc. (NASDAQ: EQBK), you may have certain options. Please contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Case Dismissed
Company
Equity Bancshares, Inc.
Security
NASDAQ: EQBK

Case Name
Equity Bancshares Shareholder Class Action Lawsuit 05/13/2019
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Southern District of New York

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

October 14, 2020 - The court granted the defendants' motion to dismiss.

December 6, 2019 - A motion to dismiss the amended complaint was filed.

October 15, 2019 - An amended complaint was filed.

May 13, 2019 - An investor in shares of Equity Bancshares, Inc. (NASDAQ: EQBK) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Equity Bancshares, Inc. in connection with certain allegedly false and misleading statements made between May 11, 2018 and April 22, 2019.

Wichity, KS based Equity Bancshares, Inc. operates as the bank holding company for Equity Bank that provides a range of financial services primarily to businesses, business owners, and individuals. Equity Bancshares, Inc. reported that its annual Total Revenue rose from $98.49 million in 2017 to $140.74 million in 2018 and that its Net Income increased from $20.64 million in 2017 to $35.82 million in 2018.

On April 22, 2019, after the market closed, Equity Bancshares, Inc reported a $4.1 million net loss for first quarter 2019, partly due to a $14.5 million impairment for loss against a credit relationship. Shares of Equity Bancshares, Inc. (NASDAQ: EQBK) declined from $43.79 per share in July 2018 to as low as $22.75 per share on April 24, 2019.

According to the complaint the plaintiff alleges on behalf of purchasers of Equity Bancshares, Inc. (NASDAQ: EQBK) common shares between May 11, 2018 and April 22, 2019, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between May 11, 2018 and April 22, 2019, the Defendants failed to disclose to investors that the Company lacked adequate internal controls to assess credit risk, that, as a result, certain of the Company’s loans posed an increased risk of loss, that, as a result, the Company was reasonably likely to incur significant losses for certain substandard loans, and that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.