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July 6, 2012 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud at Orrstown Financial Services, Inc. ("
Orrstown" or the "Company") (NASDAQ: ORRF).
The investigation focuses on whether the Company and its executives violated federal securities laws by failing to disclose that
Orrstown negligently prepared Offering Documents for the Company's
March 2010 offering, and subsequently failed to disclose material information regarding the Company's loan portfolio, underwriting practices and internal controls.
October 26, 2011,
Orrstown released financial results for the third quarter of 2011 indicating that the Company was performing far below expectations. The Company also reported that the Federal Reserve Bank of
Philadelphia had refused to authorize a requested declaration of quarterly dividends in an effort to prevent
Orrstown from engaging in unsafe and unsound banking practices that would further deplete the Company's dwindling capital base. Upon this news, shares of the Company's common stock fell by nearly 30%, closing at
$9.29 per share on
October 27, 2011.
Request more information now by clicking here: www.faruqilaw.com/ORRF. There is no cost or obligation to you. Take Action
If you purchased
Orrstown securities between
March 24, 2010 and
October 27, 2011 and would like to discuss your legal rights, visit
www.faruqilaw.com/ORRF. You can also contact us by calling
Richard Gonnello or
Francis McConville toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to
firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding
Orrstown's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential matter.FARUQI & FARUQI, LLP369 Lexington Avenue, 10th Floor
New York, NY 10017Attn:
Juan Monteverde, Esq.email@example.comRichard Gonnello, Esq.firstname.lastname@example.orgFrancis McConville, Esq.email@example.comTelephone: (877) 247-4292 or (212) 983-9330