Brower Piven Encourages Investors Who Have Losses in Excess of $500,000 From Investment in Suffolk Bancorp to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the December 19, 2011 Lead Plaintiff Deadline
(firmenpresse) - STEVENSON, MD -- (Marketwire) -- 10/27/11 -- Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Eastern District of New York on behalf of purchasers of the common stock of Suffolk Bancorp ("Suffolk" or the "Company") (NASDAQ: SUBK) during the period between March 12, 2010 and August 10, 2011, inclusive (the "Class Period").
If you have suffered a net loss for all transactions in Suffolk Bancorp common stock during the Class Period, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at , by email at , by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than December 19, 2011 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the Company's failure to disclose during the Class Period that the Company's financial results were artificially inflated due to the material understatement of Suffolk's loan loss reserves and that the Company's financial results were artificially inflated due to a failure to recognize its impaired assets. According to the complaint, after, on August 10, 2011, the Company announced its inability to file its quarterly results with the SEC on Form 10-Q and reporting its expected results for the quarter ended June 30, 2011, and the Audit Committee of the Company's Board of Directors concluded that Suffolk's previously issued financial statements as of and for the year ended December 31, 2010, the quarter ended December 31, 2010 and the quarter ended September 30, 2010 "should no longer be relied upon due to an understatement of its allowance for loan losses in such periods," the value of Suffolk shares declined significantly.
If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
CONTACT:
Charles J. Piven
Brower Piven, A Professional Corporation
Stevenson, Maryland
410/415-6616
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 27.10.2011 - 20:53 Uhr
Sprache: Deutsch
News-ID 81294
Anzahl Zeichen: 0
contact information:
Town:
STEVENSON, MD
Kategorie:
Legal
Diese Pressemitteilung wurde bisher 355 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Brower Piven Encourages Investors Who Have Losses in Excess of $500,000 From Investment in Suffolk Bancorp to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the December 19, 2011 Lead Plaintiff Deadline"
steht unter der journalistisch-redaktionellen Verantwortung von
Brower Piven, A Professional Corporation (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
