BRBS.US
id: 904
Blue Ridge Bankshares (BRBS) Investor Settlement
The settlement terms have been submitted to the court for approval.
E.D. New York
Court1:23-cv-08944
Case number03/10/2023
Class period Start10/31/2023
Class period EndBlue Ridge has agreed to settle with $BRBS investors over misclassified loans and financial misstatements.
Case Details:
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
Stipulative Settlement
Alleged Offence
Misleading Statements,
Financial Misrepresentation,
Failure to Disclose,
Omissions
Suspected Party
Directors,
Management
Security Type
Stocks
Trade Direction
Long
Filing date
12/05/2023
Lead Plaintiff Deadline
02/05/2024
Plaintiffs
Russell Hunter
Attorneys
The Rosen Law Firm, P.A. (New York, NY)
Defendants
Brian K. Plum, Judy C. Gavant, G. William Beale
Administrator
Strategic Claims Services
Settlement agreement date
2025-02-04
Attorney fee
$933,333
Trades matching type
FIFO
+$2,500,000
Cash Settlement Amount