Suffolk Bancorp (NASDAQ: SUBK) Investor Securities Class Action Lawsuit 10/20/2011

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Company Name(s): 
Suffolk Bancorp
Case Name: 
Suffolk Bancorp Shareholder Class Action Lawsuit 10/20/2011
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Approved
Affected Securities
NASDAQ: SUBK
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
10/20/2011
Class Period Begin: 
03/12/2010
Class Period End: 
08/10/2011
Court of Filing: 
U.S. District Court for the Eastern District of New York
Deadline To File for Lead: 
12/19/2011
Date Settled: 
11/19/2012
Settlement Amount: 
$2,800,000
Deadline to Participate in Settlement: 
10/30/2013
Settlement Notice: 
Settlement Proof: 
Summary: 

November 19, 2012 - The court approved the settlement, entered the orders approving the plan of allocation, the motion for attorneys’ fees and expenses, and dismissed the action with prejudice.

July 18, 2013 – The settlement was preliminarily approved by the court.

April 10, 2013 - Parties filed a stipulation of settlement.

July 2, 2012 - Defendants filed a motion to dismiss.

May 1, 2012 - The lead plaintiff filed an amended complaint.

March 2, 2012 - Lead plaintiff and lead counsel were appointed.

December 19, 2011 - Lead plaintiff motion was filed.

October 20, 2011 - An investor in Suffolk Bancorp (NASDAQ: SUBK) shares filed a lawsuit in U.S. District Court for the Eastern District of New York against Suffolk Bancorp over alleged Violations of Federal Securities Laws.

According to the complaint the plaintiff alleges on behalf of purchasers of the common stock of Suffolk Bancorp (NASDAQ: SUBK) between March 12, 2010 and August 10, 2011, that Suffolk Bancorp and certain of its officers and directors violated the Securities Exchange Act of 1934 by issuing materially false and misleading statements regarding its business and prospects.

Suffolk Bancorp’s Net Income decreased from $22.13 million in 2007 to $15.02 million in 2010. Its first quarter Net Income fell from a first quarter Net Income of $1.53 million last year to a first quarter Net Loss of $12.90 million for the first quarter in 2011.

On August 10, 2011, Suffolk Bancorp had announced its inability to file its quarterly results with the SEC on Form 10-Q and reporting its expected results for the quarter ended June 30, 2011. In addition, on that date, the Audit Committee of the Company’s Board of Directors concluded that Suffolk Bancorp’s previously issued financial statements as of and for the year ended December 31, 2010, the quarter ended December 31, 2010 and the quarter ended September 30, 2010, as reported in Suffolk Bancorp’s Annual Report on Form 10-K and quarterly report on Form 10-Q, respectively, “should no longer be relied upon due to an understatement of its allowance for loan losses in such periods.”

The plaintiff alleges that as a result of these disclosures, the price of Suffolk Bancorp stock declined more than 11.3%, closing at $9.16 per share on August 10, 2011. In fact, shares of Suffolk Bancorp (NASDAQ: SUBK) fell from as high as over $40 per share during 2008 and over $30 per share in April 2010 to as low as $7.62 per share on September 6, 2011.