NEW YORK, Oct. 30, 2018 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Bank OZK (“Bank OZK” or the “Company”) (Nasdaq: OZK) in the United States District Court for the Eastern District of Arkansas on behalf of a class consisting of investors who purchased or otherwise acquired Bank OZK securities between February 19, 2016 through October 18, 2018, both dates inclusive (the “Class Period”), seeking to recover damages caused by Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder.
The Complaint alleges that Defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) Bank OZK lacked adequate internal controls to assess credit risk; (2) as a result, certain of the Bank OZK’s loans posed an increased risk of loss; (3) certain substandard loans were reasonably likely to lead to charge-offs; and (4) consequently, defendants’ positive statements about Bank OZK’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis. When the true details entered the market, the lawsuit claims that investors suffered damages.
Investors who purchased or otherwise acquired shares during the Class Period should contact the Firm prior to the December 26, 2018 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.
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