PHILADELPHIA, July 25, 2019 (GLOBE NEWSWIRE) -- Kehoe Law Firm, P.C. announces that it is investigating securities claims on behalf of investors of Eagle Bancorp, Inc. (“Eagle Bancorp” or the “Company”) (NasdaqCM: EGBN).
A class action lawsuit was filed against Eagle Bancorp and certain of its officers in United States District Court on behalf of a class of all persons and entities, other than the Defendants, who purchased, or otherwise acquired, Eagle Bancorp securities between March 2, 2015 and July 17, 2019, both dates inclusive (the “Class Period”).
The class action is seeking to recover damages caused by the Eagle Bancorp Defendants’ alleged violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder, against Eagle Bancorp and certain of its officials.
If you purchased Eagle Bancorp securities during the Class Period and suffered losses, please click Join a Securities Class Action to participate in the lawsuit or contact either John Kehoe, Esq., (215) 792-6676, Ext. 801, jkehoe@kehoelawfirm.com, or Michael Yarnoff, Esq., (215) 792-6676, Ext. 804, myarnoff@kehoelawfirm.com, info@kehoelawfirm.com, to learn more about the lawsuit or the securities investigation.
Eagle Bancorp shareholders have until September 23, 2019 to move the Court to be appointed lead plaintiff.
The class action complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding Eagle Bancorp’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Eagle Bancorp’s internal controls and procedures and compliance policies were inadequate; (ii) the foregoing shortcoming created a foreseeable risk of heightened regulatory scrutiny and the need for Eagle Bancorp to undertake its own internal investigations; and (iii) as a result, Eagle Bancorp’s public statements were materially false and misleading at all relevant times.
According to the complaint, on July 17, 2019, Eagle Bancorp disclosed rising legal costs stemming from ongoing internal and government investigations of “the Company’s identification, classification and disclosure of related party transactions; the retirement of certain former officers and directors; and the relationship of the Company and certain of its former officers and directors with a local public official.”
On this news, Eagle Bancorp’s stock price fell $14.30 per share, or 26.75%, to close at $39.15 per share on July 18, 2019.
Kehoe Law Firm, P.C., with offices in New York and Philadelphia, is a multidisciplinary, plaintiff–side law firm dedicated to protecting investors from securities fraud, breaches of fiduciary duties, and corporate misconduct. Combined, the partners at Kehoe Law Firm have served as Lead Counsel or Co-Lead Counsel in cases that have recovered more than $10 billion dollars on behalf of institutional and individual investors.