Blue Ridge Bankshares, Inc.
|Company Name||Blue Ridge Bankshares, Inc.|
On October 31, 2023, Blue Ridge disclosed that it had “determined that certain specialty finance loans that, as previously disclosed, were placed on nonaccrual, reserved for, or charged off in the interim periods ended March 31, 2023 and June 30, 2023 should have been reported as nonaccrual, reserved for, or charged off in earlier periods,” and that its “audited financial statements included in the Company’s annual report on Form 10-K for the year ended December 31, 2022, and unaudited interim financial statements included in quarterly reports on Form 10-Q for the quarters ended March 31, 2023 and June 30, 2023 should no longer be relied upon and will be restated.” The Company further disclosed that the restatements will result in “lower net income and earnings per share” and “that a material weakness existed in the timely risk grading, nonaccrual status, and, thus, in the determination of the adequacy of the allowance for credit losses for the specialty finance portfolio of loans[.]”
On this news, Blue Ridge’s stock price fell $1.06, or 33.7%, to close at $2.09 per share on November 1, 2023, thereby injuring investors.
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