Blue Ridge Bankshares (BRBS) Bad Loans Case

E.D. New York

Court

1:23-cv-08944

Case number

03/10/2023

Class period Start

10/31/2023

Class period End

02/05/2024

Lead Plaintiff motion deadline

In October, Blue Ridge disclosed that certain loans were misreported and financial restatements for 2022 are needed.
$BRBS fell 33.65%, losing $20M of shareholder value. 
One of the affected investors already filed the initial claim over misleading in a New York court.
On October 31, 2023, Blue Ridge disclosed in the SEC report that it would need to restate its consolidated financial statements for 2022, and the first two quarters of 2023. 

The Company disclosed that certain specialty finance loans that were placed on nonaccrual were misreported. 

On this news, $BRBS declined by 33.65% and lost $20 million of its market capitalization, seriously damaging investors.

Now, investors have reasons to suspect Blue Ridge of lying about the nature of its loans, which in turn damaged shareholders, when disclosed. One of the affected investors has already filed the initial claim in New York court.

Case Status

Lead Plaintiff Appointed

Alleged Offence

Misleading Statements,

Financial Misrepresentation,

Failure to Disclose,

Omissions

Suspected Party

Directors,

Management

Security Type

Stocks

Trade Direction

Long

Shock Event Date

11/01/2023

Filing date

12/05/2023

Lead Plaintiff Deadline

02/05/2024

Blue Ridge Bankshares (BRBS) Bad Loans Case

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