Levi & Korsinsky, LLP announces that a OZK class action lawsuit has been filed on behalf of investors who purchased Bank OZK (OZK) securities between February 19, 2016 and October 18, 2018. For more on the OZK Lawsuit please contact us today.
According to the lawsuit, throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company lacked adequate internal controls to assess credit risk; (2) as a result, certain of the Company’s loans posed an increased risk of loss; (3) certain substandard loans were reasonably likely to lead to charge-offs; and (4) as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis. On October 18, 2018, the Company reported that it had “incurred combined charge-offs of $45.5 million on two Real Estate Specialties Group credits” that had previously been classified as substandard. On this news, the Company’s share price fell $9.33 per share to close at $25.52 per share on October 19, 2018.
If you suffered a loss in you have until December 26, 2018 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.