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Horizon Bancorp, Inc.: Company Investigated by the Portnoy Law Firm

Investors can contact the law firm at no cost to learn more about recovering their losses

LOS ANGELES, March 14, 2023 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises Horizon Bancorp, Inc. (“Horizon Bank” or “the Company”) (NASDAQ: HBNC) investors that the firm has initiated an investigation into possible securities fraud and may file a class action on behalf of investors. Horizon Bank investors that lost money on their investment are encouraged to contact Lesley Portnoy, Esq.

Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 844-767-8529 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case via www.portnoylaw.com. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.

The inquiry is centered on whether the Company made inaccurate or misleading statements, or neglected to reveal crucial information to investors. On March 10, 2023, Horizon Bank submitted a delayed filing notice and a current report on Form 8-K to the SEC. The Company reported that it had been notified by NASDAQ of its failure to file its annual report on time and that it had uncovered deficiencies in its internal controls. The Company disclosed that its internal control weaknesses included accounting modifications to previously published financial statements concerning the classification of sold commercial loan participation balances, the reporting of indirect loan dealer reserve asset balances and associated amortization expense, and the categorization of particular available for sale and held to maturity securities from private labeled mortgage-backed pools to federal agency mortgage pool. These revisions were previously disclosed in the Earnings Release and the Company's Form 10-Q filings during 2022. Additionally, there were errors in previously issued financial statement disclosures relating to the transfer of available for sale to held to maturity securities and the cash flow classification of repurchases of outstanding stock from an investing activity to a financing activity, which will be disclosed for the first time in the 2022 Form 10-K. Finally, the Company mentioned a calculation error in its public float.

Please visit our website to review more information and submit your transaction information.

The Portnoy Law Firm represents investors in pursuing claims against caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.

Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com

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