Faruqi & Faruqi, LLP, a national law firm concentrating on investor rights, is investigating potential wrongdoing at Suffolk Bancorp (“Suffolk” or the “Company”) (NasdaqGS: SUBK). Faruqi & Faruqi, LLP seeks to determine whether certain officers and directors at Suffolk violated federal securities laws in connection with statements made to the Company’s shareholders.
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The investigation focuses on whether certain individuals violated federal securities laws by failing to disclose that: (1) Suffolk’s loss reserves were materially understated, resulting in artificially inflated financial results for the Company; (2) the Company held impaired assets, further inflating Suffolk’s financial results; and (3) the Company lacked robust internal and disclosure controls.
On August 10, 2011, Suffolk issued a press release announcing that it would be unable to file its quarterly results with the SEC on Form 10-Q and that the Company’s previously issued financial statements for the year ended December 31, 2010, the quarter ended December 31, 2010 and the quarter ended September 30, 2010 “should no longer be relied upon due to an understatement of its allowance for loan losses in such periods.” As a result of these shocking disclosures, the price of Suffolk stock declined more than 11.3%, closing at $9.16 per share on August 10, 2011.Take Action If you purchased Suffolk securities between March 12, 2010 and August 10, 2011 and you would like to discuss your legal rights, visit www.faruqilaw.com/SUBK. You can also contact us by calling Anthony Vozzolo or Richard W. Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to email@example.com or firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding Suffolk’s conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others. About Faruqi & Faruqi, LLP Faruqi & Faruqi, LLP is a national law firm, representing investors, consumers and companies in the prosecution of claims under state corporate and consumer laws and the federal securities and antitrust laws. The lawyers at Faruqi & Faruqi, LLP have demonstrated a clear commitment to championing the rights of shareholders and consumers nationwide.