Home Icon

Loading, Please Wait...

Glancy Prongay & Murray Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Eagle Bancorp, Inc.

1018 Days ago

LOS ANGELES, Sept. 16, 2019 (GLOBE NEWSWIRE) -- Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming September 23, 2019 deadline to file a lead plaintiff motion in the class action filed on behalf of Eagle Bancorp, Inc. (“Eagle Bancorp” or the “Company”) (NASDAQ: EGBN) investors who purchased securities between March 2, 2015 and July 17, 2019, inclusive (the “Class Period”).

If you are a shareholder who suffered a loss, click here to participate.

If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, at 310-201-9150, Toll-Free at 888-773-9224, or by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com.

On December 1, 2017, Aurelius Value published a report alleging that the Company has been engaged in a pattern of conduct similar to conduct that preceded previous bank failures, including “large insider loans that finance the CEO’s companies but haven’t been disclosed,” and “undisclosed financial entanglements between largest borrowers and the CEO.” Aurelius Value also accused insiders of treating Eagle Bancorp as their own “private piggy bank.”

On this news, shares of Eagle Bancorp fell $16.20 per share or 24.5% to close at $49.95 per share on December 1, 2017, thereby injuring investors.

Then, on July 17, 2019, the Company revealed that due to ongoing internal and government investigations regarding, “the Company’s identification, classification and disclosure of related party transactions; the retirement of certain former officers and directors; and the relationship of the Company and certain of its former officers and directors with a local public official,” it would be facing additional legal costs that would be rising as the investigation continues.

On this news, shares of Eagle Bancorp fell $14.30 per share, or nearly 26%, to close at $39.15 per share on July 18, 2019, thereby further injuring investors.

The complaint filed in this class action 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 prospects. Specifically, Defendants failed to disclose to investors: (1) that Eagle Bancorp’s internal controls and procedures and compliance policies were inadequate; (2) that the foregoing shortcoming created a foreseeable risk of heightened regulatory scrutiny and the need for the Company undertake its own internal investigations; and (3) that as a result, the Company’s public statements were materially false and misleading at all relevant times.

Follow us for updates on Twitter: twitter.com/GPM_LLP.

If you purchased or otherwise acquired Eagle Bancorp securities during the Class Period you may move the Court no later than September 23, 2019 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com.  If you inquire by email please include your mailing address, telephone number and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Glancy Prongay & Murray LLP, Los Angeles
Lesley Portnoy, 310-201-9150 or 888-773-9224

We Are Diffrent
Is your business listed correctly on America’s largest city directory network of 1,000 portals? Find your City Portal