Eagle Bancorp, Inc.
Company Name | Eagle Bancorp, Inc. |
Stock Symbol | EGBN |
Class Period | March 02, 2015 to July 17, 2019 |
Lead Plaintiff Motion Deadline | September 23, 2019 |
On December 1, 2017, Aurelius Value published a report alleging that the Company has been engaged in a pattern of conduct similar to conduct that preceded previous bank failures, including “large insider loans that finance the CEO’s companies but haven’t been disclosed,” and “undisclosed financial entanglements between largest borrowers and the CEO.” Aurelius Value also accused insiders of treating Eagle Bancorp as their own “private piggy bank.”
On this news, shares of Eagle Bancorp fell $16.20 per share or 24.5% to close at $49.95 per share on December 1, 2017, thereby injuring investors.
Then, on July 17, 2019, the Company revealed that due to ongoing internal and government investigations regarding, “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,” it would be facing additional legal costs that would be rising as the investigation continues.
On this news, shares of Eagle Bancorp fell $14.30 per share, or nearly 26%, to close at $39.15 per share on July 18, 2019, thereby further injuring investors.
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 Bancorp’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, the Company’s public statements were materially false and misleading at all relevant times.
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