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id: 904, Created by Stan Vick, Scout
Blue Ridge Bankshares (BRBS) Bad Loans Case
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E.D. New YorkCourt
10 Mar 2023Class period Start
31 Oct 2023Class period End
- 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.
Failure to Disclose,
Shock Event Date
01 November 2023
05 December 2023
Lead Plaintiff Deadline
05 February 2024