NEW YORK, Nov. 7, 2016 /PRNewswire/ -- Rosen Law Firm, a global investor rights law firm, reminds purchasers of Opus Bank securities (NASDAQ: OPB) from July 28, 2014 through October 17, 2016, both dates inclusive (the "Class Period") of the important December 27, 2016 lead plaintiff deadline in the class action. The lawsuit seeks to recover damages for Opus Bank investors under the federal securities laws.
To join the Opus Bank class action, go to the firm's website at http://rosenlegal.com/cases-973.html or call Phillip Kim, Esq. or Kevin Chan, Esq. toll free at 866-767-3653 or email email@example.com or firstname.lastname@example.org for more information on the class action. NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE. According to the lawsuit, throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) certain of Opus Bank's loans were of poor quality; (2) Opus Bank was over-representing the quality of the loans to the public; (3) Opus Bank failed to properly account for the loans in violation of Generally Accepted Accounting Principles; (4) in turn, Opus Bank would be forced to recognize large charge-offs associated with the loans; (5) Opus Bank lacked adequate internal controls over accounting and financial reporting; and (6) as a result, defendants' statements about Opus Bank business, operations, and prospects were false and misleading and/or lacked a reasonable basis. When the true details entered the market, the lawsuit claims that investors suffered damages.