NEW YORK, June 20, 2019 /CNW/ -- Pomerantz LLP is investigating claims on behalf of investors of Equity Bancshares, Inc. ("Equity Bancshares" or the "Company") (NASDAQ: EQBK). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 9980.
The investigation concerns whether Equity Bancshares and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On January 24, 2019, Equity Bancshares disclosed that, during the fourth quarter of 2018, one credit relationship was downgraded to Watch and Substandard for $19 million and $9 million, respectively. On this news, the Company's stock price fell $2.14 per share, or more than 6%, to close at $32.15 per share on January 24, 2019.
Then, on April 22, 2019, Equity Bancshares disclosed a $14.5 million provision for loss against the credit relationship, resulting in a $4.1 million net loss for the first quarter of 2019. On this news, the Company's stock price fell $4.76 per share, or more than 16%, to close at $24.71 per share on April 23, 2019.
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.
Robert S. Willoughby
SOURCE Pomerantz LLP