HBNC Investors Have Opportunity to Lead Horizon Bancorp, Inc. Securities Fraud Lawsuit
LOS ANGELES, May 10, 2023 /PRNewswire/ -- Glancy Prongay & Murray LLP ("GPM") announces that investors with substantial losses have opportunity to lead the securities fraud class action lawsuit against Horizon Bancorp, Inc. ("Horizon" or the "Company") (NASDAQ: HBNC).
Class Period: March 9, 2022 – March 10, 2023
Lead Plaintiff Deadline: June 20, 2023
If you wish to serve as lead plaintiff of the Horizon lawsuit, you can submit your contact information at www.glancylaw.com/cases/Horizon-Bancorp-Inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at shareholders@glancylaw.com to learn more about your rights.
On March 10, 2023, Horizon disclosed that it would be unable to timely file its annual report and discovered material weaknesses in its internal controls. The Company specified that the weaknesses included accounting revisions of previously issued financial statements and a calculation error in the Company's public float.
On this news, Horizon's stock price fell $1.43, or 11%, to close at $11.62 per share on March 13, 2023, thereby injuring investors.
The complaint filed alleges that, throughout the Class Period, Defendants failed to disclose to investors that: (1) the Company maintained deficient internal accounting controls relating to its classification of certain loan balances and securities; (2) as a result of the foregoing deficiencies, throughout 2022 the Company issued quarterly financial statements containing errors that would require subsequent revision; (3) restatement of the foregoing financial statements would hinder the Company's ability to timely file its annual report for 2022; and (4) as a result, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
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To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
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SOURCE Glancy Prongay & Murray LLP
