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HBNC.US
id: 670

Horizon Bancorp, Inc. (HBNC) Misleading Case

E.D. New York
Court
09 Mar 2022
Class period Start
10 Mar 2023
Class period End
19 Jun 2023
Lead Plaintiff motion deadline
  • Horizon disclosed material accounting revisions and errors.
  • $HBNC price fell 10.96%, injuring investors.
  • Investors suspect Horizon & its Team of negligence and misleading, leading to investment damages.
On March 10, 2023, Horizon Bancorp, Inc. (HBNC) filed a late filing notice with the SEC, announcing receipt of a notice from NASDAQ as a result of failing to timely file its annual report, as well as disclosing that it had identified material weaknesses in its internal controls. Specifically, the material weakness related to:
  • Accounting revisions of previously issued financial statements with respect to the classification of sold commercial loan participation balances, the reporting of indirect loan dealer reserve asset balances and related amortization expense, and the classification of certain available-for-sale and held-to-maturity securities from privately labeled mortgage-backed pools to federal agency mortgage pool.
  • Calculation error in the Company’s public float.
On this news, the $HBNC price fell 10.96%, injuring investors.

Taking recent disclosures into account, Investors have grounds to suspect Horizon, its Leaders & its Service Providers of negligence and misleading which consequently led to investment damages.
Case Status
Lead Plaintiff Appointed
Alleged Offence
Mismanagement
Misleading Statements
Financial Misrepresentation
Failure to Disclose
Negligence
Breach of Fiduciary duty
Omissions
Suspected Party
Directors
Management
Service Provider
Security Type
Stocks
Trade Direction
Long
Shock Event Date
10 March 2023
Filing date
19 April 2023
Lead Plaintiff Deadline
19 June 2023
Collecting participants…