September 28, 2015 - The court held a final settlement hearing, approved the settlement and entered the orders approving the plan of allocation, the motion for attorneys’ fees and expenses, and dismissing the action with prejudice.
June 5, 2015 - The court preliminarily approved the settlement.

January 9, 2015 - Parties filed a stipulation of settlement.

July 18, 2014 - The court denied the defendants' motion to dismiss.

April 30, 2013 - The lead plaintiff filed a second amended complaint.

March 29, 2013 - The court granted the defendants' motion to dismiss without prejudice and granted lead plaintiff leave to file an amended complaint.

March 22, 2012 - The defendants filed a motion to dismiss.

October 17, 2011 - The lead plaintiff filed an amended complaint.

August 10, 2011 - The lead plaintiff and lead counsel were appointed.

April 26, 2010 - A lead plaintiff motion was filed.

February 25, 2010 - An investor in shares of Smithtown Bancorp Inc (NASDAQ: SMTB) filed a lawsuit in the U.S. District Court for the Eastern District of New York against Smithtown Bancorp Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between March 13, 2008 and February 1, 2010.

The complaint alleges that, between March 13, 2008 and February 1, 2010, defendants failed to disclose material adverse facts about Smithtown Bancorp Inc's true financial condition, business and prospects. Specifically, the complaint alleges that defendants failed to disclose: (i) that Smithtown Bancorp Inc’s financial results were artificially inflated due to Smithtown Bancorp Inc's material understatement of its loan loss reserves and Smithtown Bancorp Inc’s failure to state certain of its assets at their true fair value; (ii) that Smithtown Bancorp Inc improperly delayed the recognition of its impaired assets in order to inflate its reported income and asset quality; (iii) that Smithtown Bancorp Inc’s internal and disclosure controls were materially deficient; and (iv) that Smithtown Bancorp Inc, through its subsidiary, was engaged in unsafe and/or unsound banking practices.

On February 1, 2010, Smithtown Bancorp Inc issued a press release announcing its fourth quarter and full year 2009 results, which included a loss of $19.8 million for the fourth quarter of 2009, or ($1.34) per fully diluted share. In response to this announcement, on the next trading day, shares of Smithtown Bancorp Inc (NASDAQ: SMTB) stock fell approximately 15%, to close at $4.60 per share, on extremely heavy trading volume.