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You must submit the settlement "Proof" form attached below, in order to participate in this settlement. There is a strict deadline of August 10, 2021 by which all claims must be submitted. The instructions for submitting are included in the "Proof" and the "Notice" files attached below for your download. DO NOT SEND THE FORMS TO THE SHAREHOLDERS FOUNDATION, INC.
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Lawsuit Overview
Settlement Overview
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April 28, 2021 - The preliminarily approved the settlement.
April 19, 2021 - A stipulation of settlement was filed by the parties.
July 2, 2020 - An amended complaint was filed.
February 26, 2020 - An investor in shares of Sterling Bancorp (NASDAQ: SBT) filed a lawsuit in the U.S. District Court for the Eastern District of Michigan over alleged violations of Federal Securities Laws by Sterling Bancorp in connection with certain allegedly false and misleading statements made between November 17, 2017 through and including December 8, 2019.
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%.
According to the complaint the plaintiff alleges on behalf of investors of Sterling Bancorp (NASDAQ: SBT) who purchased shares of Sterling Bancorp (NNASDAQ: SBT) in connection with the Company’s 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.