NEW YORK, Nov. 19, 2018 (GLOBE NEWSWIRE) -- Pomerantz LLP announces that a class action lawsuit has been filed against Bank OZK (“Bank OZK” or the “Company”) (NASDAQ: OZK) and certain of its officers. The class action, filed in United States District Court, Southern District of New York, and indexed under 18-cv-10800, is on behalf of a class consisting of all persons and entities, other than Defendants and their affiliates, who purchased or otherwise, acquired Bank OZK securities between February 19, 2016 through October 18, 2018, both dates inclusive (the “Class Period”), seeking to recover damages caused by Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.If you are a shareholder who purchased Bank OZK securities between February 19, 2016, and October 18, 2018, both dates inclusive, you have until December 26, 2018, to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
*[Click here to join this class action]*
Bank OZK was founded in 1981 and is headquartered in Little Rock, Arkansas. The Company was formerly known as Bank of the Ozarks and changed its name to Bank OZK in July 2018. As of December 31, 2017, the Company operated through 253 offices in Arkansas, Georgia, Florida, North Carolina, Texas, Alabama, South Carolina, California, New York, and Mississippi.
Bank OZK provides a range of retail and commercial banking services to businesses, individuals, and non-profit and governmental entities. In addition to traditional savings and checking accounts, the Company offers various loan products, including real estate loans, such as loans secured by residential 1-4 family, non-farm/non-residential, agricultural, construction/land development, multifamily residential properties, and other land loans; small business and consumer loans; indirect consumer marine and RV loans; and government guaranteed loans comprising SBA and FSA guaranteed loans.
Throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company lacked adequate internal controls to assess credit risk; (ii) as a result, certain of the Company’s loans posed an increased risk of loss; (iii) certain substandard loans were reasonably likely to lead to charge-offs; and (iv) as a result, the Company’s public statements were materially false and misleading at all relevant times.
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, more than 26%, to close at $25.52 per share on October 19, 2018, on unusually heavy trading volume.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
*CONTACT:*
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 9980
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