May 22, 2017 - The U.S. Court of Appeals for the Ninth Circuit affirmed the judgement of the district court.
October 24, 2014 - The lead plaintiffs filed a notice of appeal.

September 25, 2014 - The court entered a judgement in favor of the defendants dismissing the case with prejudice.

September 17, 2014 - The court granted defendants' motion to dismiss with prejudice.

October 11, 2013 - The lead plaintiff filed another amended consolidated complaint.

August 5, 2013 - The court granted defendants' motion to dismiss with leave to amend and dismissed the case without prejudice.

August 30, 2010 - Defendants filed a motion to dismiss.

June 18, 2010 - The lead plaintiff filed an amended consolidated complaint on behalf of investors who purchased Sterling Financial Corporation (NASDAQ: STSA) common shares between July 23, 2008 and October 15, 2009. The plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between July 23, 2008 and October 15, 2009.

March 9, 2010 - Lead plaintiff and lead counsel were appointed.

February 9, 2010 - Lead plaintiff motion was filed.

December 11, 2009 - An investor in shares of Sterling Financial Corporation (NASDAQ: STSA) filed a lawsuit in the U.S. District Court for the Eastern District of Washington against Sterling Financial Corporation (NASDAQ: STSA) over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between July 23, 2008 and January 13, 2009.

According to the complaint the plaintiff alleges that Sterling Financial Corporation and certain of its officers and directors violated the Securities Exchange Act of 1934 by issuing between July 23, 2008 and January 13, 2009 materially false and misleading statements regarding its business and financial results and by engaging between July 23, 2008 and January 13, 2009 in improper behavior which harmed Sterling Financial Corporation’s investors by failing to disclose the extent of seriously delinquent commercial real estate loans and construction and land loans. Sterling Financial Corporation also failed to adequately and timely record losses for its impaired loans, causing its financial results and its Tier 1 capital ratio to be materially false, so the complaint, and as a result of defendants’ false statements, Sterling Financial Corporation’s stock traded at artificially inflated prices between July 23, 2008 and January 13, 2009, reaching a high of $14.72 per share on October 1, 2008.

Then, on January 13, 2009, Sterling Financial Corporation issued guidance for the fourth quarter and year end 2008, announcing it anticipated reporting a loss for both the fourth quarter and the year ended December 31, 2008. According to Sterling Financial Corporation, the loss would be due in substantial part to an anticipated increase in its allowance for loan and lease loss reserves of approximately $230 million and an expected goodwill impairment charge of between $275 million to $325 million. Sterling Financial Corporation further announced that it would be suspending its quarterly cash dividend. On this news, so the complaint, Sterling Financial Corporation’s stock (STSA) declined $3.05 per share to close at $3.40 per share on January 14, 2009, a one-day decline of 47% on high volume.

During the year ended December 31, 2008, the principal operating subsidiary of Sterling Savings Bank was INTERVEST-Mortgage Investment Company. Sterling Financial Corporation had in 2007 Total Assets of $12.14977 billion with a Net Income of $93.29 million and in 2008 Total Assets of $12.79072 billion with a Net Loss of $335.53 million. Shares of Sterling Financial Corporation (STSA) traded recently at $0.620 per share, down from its 52 week High of $9.18 per share, $14.32 per share in September 2008, $19.41 per share in February 2008, and over $34 per share in 2007.

Sterling Financial Corporation, located in Spokane, WA, is a bank holding company. Its principal operating subsidiaries are Sterling Savings Bank and Golf Savings Bank.