SHAREHOLDER UPDATE: Glancy Prongay & Murray LLP Appointed Lead Counsel in Securities Class Action Against Eagle Bancorp, Inc.

Ad blocking detected

Thank you for visiting CanadianInsider.com. We have detected you cannot see ads being served on our site due to blocking. Unfortunately, due to the high cost of data, we cannot serve the requested page without the accompanied ads.

If you have installed ad-blocking software, please disable it (sometimes a complete uninstall is necessary). Private browsing Firefox users should be able to disable tracking protection while visiting our website. Visit Mozilla support for more information. If you do not believe you have any ad-blocking software on your browser, you may want to try another browser, computer or internet service provider. Alternatively, you may consider the following if you want an ad-free experience.

Canadian Insider Ultra Club
$500/ year*
Daily Morning INK newsletter
+3 months archive
Canadian Market INK weekly newsletter
+3 months archive
30 publication downloads per month from the PDF store
Top 20 Gold, Top 30 Energy, Top 40 Stock downloads from the PDF store
All benefits of basic registration
No 3rd party display ads
JOIN THE CLUB

* Price is subject to applicable taxes.

Paid subscriptions and memberships are auto-renewing unless cancelled (easily done via the Account Settings Membership Status page after logging in). Once cancelled, a subscription or membership will terminate at the end of the current term.

Nov 08, 2019 01:27 pm
LOS ANGELES -- 

Glancy Prongay & Murray LLP (“GPM”) announces that it has been appointed Lead Counsel in the securities class action against Eagle Bancorp, Inc. (“Eagle” or the “Company”) (NASDAQ: EGBN) and certain executive officers of the Company, currently pending in the United States District Court for the Southern District of New York.

Investors that purchased Eagle securities between March 2, 2015 and July 17, 2019 are encouraged to contact Lesley F. Portnoy, Esq. of GPM at 310-201-9150 to discuss the status of the case and the claims in the litigation.

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’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, certain of the Company’s public statements were materially false and misleading at all relevant times.

On December 1, 2017, Aurelius Value published a report alleging that the Company provided undisclosed “large insider loans that finance the CEO’s companies” and that there were “undisclosed financial entanglements between [Eagle’s] largest borrowers and the CEO.” Aurelius Value also accused insiders of treating Eagle as their own “private piggy bank.” On this news, Eagle’s share price fell $16.20, or 24.5%, to close at $49.95 per share on December 1, 2017, thereby injuring investors.

On July 17, 2019, Eagle disclosed rising legal costs stemming from ongoing internal and government investigations of “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.” On this news, Eagle’s stock price fell $14.30 per share, or 26.75%, to close at $39.15 per share on July 18, 2019, thereby injuring investors further.

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

If you purchased Eagle securities during the Class Period, or if you have any questions concerning this case, the announcement, or your rights or interests with respect to these matters, or if you would like an update concerning the status of this case, would like to learn more about the case, or have information and wish to discuss these matters further, please contact Lesley Portnoy of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, by telephone at 310-201-9150, toll-free at 888-773-9224, by email at [email protected], or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number, transaction date(s) 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 and Murray LLP, Los Angeles
Lesley Portnoy, 310-201-9150 or 888-773-9224
www.glancylaw.com
[email protected]

Comment On!

140
Upload limit is up to 1mb only
To post messages to your Socail Media account, you must first give authorization from the websites. Select the platform you wish to connect your account to CanadianInsider.com (via Easy Blurb).