Equity Bancshares, Inc. (NASDAQ: EQBK) Investor Securities Class Action Lawsuit 05/13/2019

If you purchased a significant amount of shares of Equity Bancshares, Inc. (NASDAQ: EQBK) between May 11, 2018 and April 22, 2019, and / or if you purchased any NASDAQ: EQBK shares prior to May 2018 and continue to hold any of those shares, you have certain options and for certain investors are short and strict deadlines running. Deadline: July 12, 2019. NASDAQ: EQBK investors should contact the Shareholders Foundation, Inc.

To have your information reviewed for options and to recieve notifications about this case, please use this form. You may also send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Company Name(s): 
Equity Bancshares
Case Name: 
Equity Bancshares Shareholder Class Action Lawsuit 05/13/2019
Case Status: 
Lawsuit Filed
Affected Securities
NASDAQ: EQBK
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
05/13/2019
Class Period Begin: 
05/11/2018
Class Period End: 
04/22/2019
Court of Filing: 
U.S. District Court for the Southern District of New York
Deadline To File for Lead: 
07/12/2019
Summary: 

An investor in shares of Equity Bancshares, Inc. (NASDAQ: EQBK) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Equity Bancshares, Inc. in connection with certain allegedly false and misleading statements made between May 11, 2018 and April 22, 2019.

Wichity, KS based Equity Bancshares, Inc. operates as the bank holding company for Equity Bank that provides a range of financial services primarily to businesses, business owners, and individuals. Equity Bancshares, Inc. reported that its annual Total Revenue rose from $98.49 million in 2017 to $140.74 million in 2018 and that its Net Income increased from $20.64 million in 2017 to $35.82 million in 2018.

On April 22, 2019, after the market closed, Equity Bancshares, Inc reported a $4.1 million net loss for first quarter 2019, partly due to a $14.5 million impairment for loss against a credit relationship.

Shares of Equity Bancshares, Inc. (NASDAQ: EQBK) declined from $43.79 per share in July 2018 to as low as $22.75 per share on April 24, 2019.

According to the complaint the plaintiff alleges on behalf of purchasers of Equity Bancshares, Inc. (NASDAQ: EQBK) common shares between May 11, 2018 and April 22, 2019, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between May 11, 2018 and April 22, 2019, the Defendants failed to disclose to investors that the Company lacked adequate internal controls to assess credit risk, that, as a result, certain of the Company’s loans posed an increased risk of loss, that, as a result, the Company was reasonably likely to incur significant losses for certain substandard loans, and that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.