(MENAFN- PR Newswire) LOS ANGELES, May 25, 2023 /PRNewswire/ --
the law offices of frank r. cruz announces that investors with substantial losses have opportunity to lead the securities fraud class action lawsuit against Horizon Bancorp, Inc. ("Horizon" or the "Company") (NASDAQ: hbnc ).
Class Period: March 9, 2022 – March 10, 2023
Lead Plaintiff Deadline: June 20, 2023
If you are a shareholder who suffered a loss, click here to participate.
On March 10, 2023, Horizon disclosed that it would be unable to timely file its annual report and discovered material weaknesses in its internal controls. The Company specified that the weaknesses included accounting revisions of previously issued financial statements and a calculation error in the Company's public float.
On this news, Horizon's stock price fell $1.43, or 11%, to close at $11.62 per share on March 13, 2023, thereby injuring investors.
The complaint filed alleges that, throughout the Class Period, Defendants failed to disclose to investors
that: (1) the Company maintained deficient internal accounting controls relating to its classification of certain loan balances and securities; (2) as a result of the foregoing deficiencies, throughout 2022 the Company issued quarterly financial statements containing errors that would require subsequent revision; (3) restatement of the foregoing financial statements would hinder the Company's ability to timely file its annual report for 2022; and (4) as a result, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
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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 Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to [email protected] , 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.
SOURCE The Law Offices of Frank R. Cruz, Los Angeles
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