Thieler Law Corp, member of the Investor Attorney Network, is investigating whether certain officers and directors of Sterling Bancorp Inc (NASDAQ: SBT) violated securities laws in connection with certain financial statements.
The investigation seeks to discover if possible claims on behalf of purchasers of the securities of Sterling Bancorp Inc (NASDAQ: SBT) concerning whether a series of statements by Sterling Bancorp Inc regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
On December 9, 2019, the Company revealed that its subsidiary, Sterling Bank and Trust, FSB, had suspended its Advantage Loan program in connection with an ongoing internal review of the program’s documentation procedures. The internal review entails auditing documentation on past loans and putting into place additional “systems of controls to ensure the Bank’s policies and procedures are followed for loan origination.”
On this news, NASDAQ: SBT fell $2.16 or 22.86% to close at $7.29 on December 9, 2019.
Based in Southfield, Michigan, and founded in 1984 Sterling Bancorp Inc operates as the unitary thrift holding company for Sterling Bank and Trust, F.S.B. that provides community banking services to individual and business customers.
If you purchased shares of Sterling Bancorp Inc (NASDAQ: SBT) on or before December 9, 2019, you should contact Thieler Law Corp at mail@thielerlaw.com or call +1 (619) 377 - 4324.
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