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Nov. 2, 2011 /PRNewswire/ -- Levi & Korsinsky announces that a class action lawsuit has been commenced in the United States District Court for the Eastern District of
New York on behalf of purchasers of Suffolk Bancorp ("
Suffolk" or the "Company") (NASDAQ: SUBK) common stock between
March 12, 2010 and
August 10, 2011 (the "Class Period").
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The complaint alleges that
Suffolk and certain of its officers and directors misrepresented and/or failed to disclose that: (a) the Company's financial results were artificially inflated due to the material understatement of
Suffolk's loan loss reserves; (b) the Company's financial results were artificially inflated due to a failure to recognize its impaired assets; (c) the Company's internal and disclosure controls were materially deficient; and (d) due to the aforementioned, defendants lacked a reasonable basis for their positive statements about the Company, its prospects and growth.
August 10, 2011, the Company issued a press release announcing its inability to file its quarterly results with the SEC. On this same day the Audit Committee concluded that certain of
Suffolk's 2010 financial statements could no longer be relied upon. As a result of these disclosures,
Suffolk stock fell more than 11 percent.
If you suffered a loss in
Suffolk stock you have until
December 19, 2011 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff. To obtain additional information, contact
Joseph E. Levi, Esq. either via email at
firstname.lastname@example.org or by telephone at (877) 363-5972, or visit
Levi & Korsinsky has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.