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Investor Alert: Kaplan Fox Investigates Sterling Bancorp, Inc.

NEW YORK, Feb. 28, 2020 /PRNewswire/ -- Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating Sterling Bancorp, Inc. ("Sterling Bancorp" or the "Company") (NASDAQ: SBT).  A class action securities lawsuit has been filed on behalf of investors who purchased Sterling Bancorp common stock from November 17, 2017 through December 8, 2019, inclusive (the "Class Period").

On November 17, 2017, the start of the Class Period, Sterling Bancorp commenced its initial public offering ("IPO") of 15 million shares of common stock at a price of $12 per share. 

According to the complaint, during the Class Period the Advantage Loan program was the Company's largest lending product. 

On December 9, 2019, Sterling Bancorp disclosed 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." 

Following this news, Sterling Bancorp's stock price fell $2.16 per share, or 22.86%, to close at $7.29 per share on December 9, 2019.  

If you are a member of the proposed Class, you may move the court no later than April 27, 2020 to serve as a lead plaintiff for the purported class.  You need not seek to become a lead plaintiff in order to share in any possible recovery.  If you would like to discuss the complaint or our investigation, please contact us by emailing pmayer@kaplanfox.com or by calling 800-290-1952.

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

Kaplan Fox & Kilsheimer LLP, with offices in New York, San Francisco, Los Angeles, Chicago and New Jersey, has many years of experience in prosecuting investor class actions. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com.  If you have any questions about this Notice, the action, your rights, or your interests, please contact:

Donald R. Hall
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
(800) 290-1952
(212) 687-1980
Fax: (212) 687-7714
E-mail: dhall@kaplanfox.com

Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4700
Fax:  (415) 772-4707
E-mail: lking@kaplanfox.com

 

Cision

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SOURCE Kaplan Fox & Kilsheimer LLP