INVESTOR ALERT: Brower Piven Encourages Shareholders Who Have Losses In Excess Of $100,000 From Investment In Opus Bank To Contact Brower Piven Before The Lead Plaintiff Deadline In Class Action Lawsuit
The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the Central District of California on behalf of purchasers of Opus Bank (NASDAQ: OPB) ("Opus" or the "Company") securities during the period between July 28, 2014 and October 17, 2016, inclusive (the "Class Period"). Investors who wish to become proactively involved in the litigation have until December 27, 2016 to seek appointment as lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Opus securities during the Class Period. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants' failure to disclose during the Class Period: that some of the Company's loans were of low quality and the quality of the loans was overrepresented to the public; that the Company failed to properly account for the loans in violation of the Generally Accepted Accounting Principles which would force it to recognize large charge-offs associated with the loans; and, that Opus lacked adequate internal controls over accounting and financial reporting. According to the complaint, following an October 17, 2016 release of the third quarter 2016 earnings and an announcement that the Company recognized charge-offs on eight loan relationships through the allowance for loan losses at September 30, 2016, the value of Opus shares declined significantly.