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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
Court
1:23-cv-08944
Case number
03/10/2023
Class period Start
10/31/2023
Class period End
Blue 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

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