WAYNE, Pa., Nov. 2, 2016 /PRNewswire/ -- Ryan & Maniskas, LLP announces that a class action lawsuit has been filed in United States District Court for the Central District of California on behalf of all persons or entities that purchased the common stock of Opus Bank ("Opus Bank" or the "Company") (NASDAQ: OPB) between July 28, 2014 and October 17, 2016, inclusive (the "Class Period").
Opus Bank shareholders may, no later than December 27, 2016, move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of Opus Bank and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (877) 316-3218 or to sign up online, visit: www.rmclasslaw.com/cases/opb. Opus Bank provides various banking products, services, and solutions for small to mid-sized companies, entrepreneurs, real estate investors, professionals, and high net worth individuals. The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and financial prospects. The Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose: (1) that a percentage of the Company's loans were of inferior quality; (2) that the Company was over-representing the quality of the loans to the public; (3) that, as such, the Company failed to properly account for the loans in violation of Generally Accepted Accounting Principles ("GAAP"); (4) that, as a result, the Company would be forced to recognize large write-offs associated with the loans; (5) that the Company lacked adequate internal controls over accounting and financial reporting; and (6) that, as a result of the foregoing, Defendants' positive statements about Opus Bank's business, operations, and financial prospects, were false and misleading and/or lacked a reasonable basis.