An investigation was announced over potential securities laws violations by Sterling Bancorp, Inc..
Investors who purchased shares of Sterling Bancorp, Inc. (NASDAQ: SBT), have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm focuses on 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.
Southfield, MI based Sterling Bancorp, Inc. (Southfield, MI) 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. Sterling Bancorp, Inc. reported that its annual Total Revenue rose from $113.9 million in 2017 to $142.13 million in 2018 and that its Net Income increased from $37.97 million in 2017 to $63.46 million in 2018.
On December 9, 2019, Sterling Bancorp disclosed that its subsidiary, Sterling Bank and Trust, FSB, suspended its Advantage Loan program due to an ongoing internal review of documentation on past loans as well as an implementation of "systems and controls to ensure the Bank's policies and procedures are followed on loans originated under the program." The Company admitted that it anticipates "a reduced level of near-term loan originations, slower overall loan portfolio growth, and less loan sales."
Shares of Sterling Bancorp, Inc. (NASDAQ: SBT) declined from $ 9.96 per share in November 2019 to as low as $6.75 per share on December 11, 2019.
Those who purchased shares of Sterling Bancorp, Inc. (NASDAQ: SBT) have certain options and should contact the Shareholders Foundation.
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About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
