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BRBS.US

Blue Ridge Bankshares (BRBS) Bad Loans Case

E.D. New York
Court
1:23-cv-08944
Case number
10 Mar 2023
Class period Start
31 Oct 2023
Class 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.
Alleged Offence
Misleading Statements
Financial Misrepresentation
Failure to Disclose
Omissions
Suspected Party
Directors
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
01 November 2023
Filing date
05 December 2023
Lead Plaintiff Deadline
05 February 2024
Collecting participants…
Created by Stan Vick, Scout

Blue Ridge Bankshares Inc

Blue Ridge Bankshares, Inc. operates as a bank holding company for the Blue Ridge Bank, National Association that provides commercial and consumer banking, and financial services. It operates throu...

    Ticker
    BRBS.US
    ISIN
    US0958251052
    CIK
    842717
    Sector
    Financial Services
    Industry
    Banks - Regional
    Country
    USA
    Address
    1807 Seminole Trail, Charlottesville, VA, United States, 22901