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Glancy Prongay & Murray Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Sterling Bancorp, Inc. (SBT)

/EIN News/ -- LOS ANGELES, April 10, 2020 (GLOBE NEWSWIRE) -- Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming April 27, 2020 deadline to file a lead plaintiff motion in the class action filed on behalf of Sterling Bancorp, Inc.  (“Sterling Bancorp” or the “Company”) (NASDAQ: SBT) common stock: (a) pursuant and/or traceable to the Company’s initial public offering commenced on or about November 17, 2017 (the “IPO” or “Offering”); and/or (b) between November 17, 2017 and March 17, 2020, inclusive (the “Class Period”).

If you suffered a loss on your Sterling Bancorp investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information here or contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, via email or visit our website at to learn more about your rights.  

On December 9, 2019, Sterling Bancorp disclosed that its subsidiary, Sterling Bank and Trust, FSB, suspended its Advantage Loan program due to an ongoing internal review of documentation on past loans and due to an implementation of “systems and controls to ensure the Bank’s policies and procedures are followed on loans originated under the program.”

On this news, the Company’s stock price fell $2.16, or nearly 23%, to close at $7.29 per share on December 9, 2019, thereby injuring investors.

Then on March 6, 2020, the Company disclosed that "certain employees had engaged in misconduct in connection with the origination of such loans, including with respect to income verification and requirements, reliance on third parties, and related documentation. 

On this news, the Company's share price fell $1.79, or nearly 27%, to close at $4.88 per share on March 9, 2020, thereby injuring investors further. 

Then, on March 17, 2020, Sterling Bancorp delayed filing its 2019 annual report due to the review and procedures relating to the suspension of the Advantage Loan program.

On this news, the Company's share price fell $1.83, or 35%, to close at $2.94 per share on March 18, 2020, thereby injuring investors further. 

The complaint alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose facts concerning the Company’s loan underwriting, risk management and internal controls, including repeatedly touting its strict underwriting, asset quality and the Advantage Loan Program.

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If you purchased or otherwise acquired Sterling Bancorp stock pursuant and/or traceable to the IPO and/or during the Class Period, you may move the Court no later than April 27, 2020 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to, or visit our website at  If you inquire by email please include your mailing address, telephone number and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Glancy Prongay & Murray LLP, Los Angeles
Charles Linehan, 310-201-9150 or 888-773-9224

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