San Diego, CA -- (SBWire) -- 10/25/2016 --An investigation on behalf of investors of Opus Bank (NASDAQ:OPB) shares over potential securities laws violations by Opus Bank and certain of its directors and officers in connection certain financial statements was announced.
Investors who purchased shares of Opus Bank (NASDAQ:OPB), have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call 858-779-1554.
The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Opus Bank (NASDAQ:OPB) concerning whether a series of statements by Opus Bank regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
On October 17, 2016, Opus Bank announced earnings for the third quarter 2016, and disclosed that, "As part of the credit review process of impaired loans, new developments supported charge-offs being recognized on eight loan relationships through the allowance for loan losses at September 30, 2016. Charge-offs were recorded on these eight loan relationships, which have been impacting the provision for loan losses and earnings for the past eight quarters and include three of the same loan relationships that were discussed during Opus' second quarter 2016 earnings conference call. Charge-offs for the eight loan relationships totaled $38.8 million and had specific reserves of $16.7 million previously recorded. In addition, these charge-offs increased the reserve levels recorded against the remaining loan portfolio by $13.6 million as a result of higher loss factors incorporated into our allowance for loan losses methodology to reflect the charge-offs in the third quarter of 2016." Shares of Opus Bank (NASDAQ:OPB) dropped from $35.04 per share on October 14, 2016, to as low as $22.94 per share on October 21, 2016.
Those who purchased shares of Opus Bank have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com
Opus Bank (OPB) Investor Investigation over Possible Violations of Securities Laws
An investigation for investors in Opus Bank (NASDAQ:OPB) shares over potential securities laws violations by Opus Bank was announced and NASDAQ:OPB stockholders should contact the Shareholders Foundation.