San Diego, CA -- (SBWire) -- 05/02/2023 --An investor, who purchased shares of Horizon Bancorp, Inc. (NASDAQ: HBNC), filed a lawsuit over alleged violations of Federal Securities Laws by Horizon Bancorp, Inc.
Investors who purchased shares of Horizon Bancorp, Inc. (NASDAQ: HBNC) have certain options and for certain investors are short and strict deadlines running. Deadline: June 19, 2023. NASDAQ: HBNC investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
Michigan City, IN based Horizon Bancorp, Inc. operates as the bank holding company for Horizon Bank that provides a range of commercial and retail banking services. On March 10, 2023, after trading hours, Horizon Bancorp, Inc. filed a current report on Form 8-K as well as a late filing notice with the Securities & Exchange Commission ("SEC"). In these filings, it announced that it had received a notice from NASDAQ as a result of failing to timely file its annual report, and that it had identified material weaknesses in its internal controls.
Specifically, the material weaknesses in internal controls issues related to "(i) 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 private labeled mortgage-backed pools to federal agency mortgage pool, which revisions were previously disclosed in the Earnings Release and the Company's Form 10-Q filings during 2022, in addition to errors in previously issued financial statement disclosures relating to the transfer of available for sale to held to maturity securities and the cash flow classification of repurchases of outstanding stock from an investing activity to a financing activity, which will be disclosed for the first time in the 2022 Form 10-K, and (ii) a calculation error in the Company's public float as noted above."
Shares of Horizon Bancorp, Inc. (NASDAQ: HBNC) declined from $20.11 per share on October 25, 2022, to as low as $9.98 per share on April 27, 2023.
The plaintiff claims that between March 9, 2022 and March 10, 2023, the defendants made false and/or misleading statements and/or failed to disclose that the Company maintained deficient internal accounting controls relating to its classification of certain loan balances and securities, that as a result of the foregoing deficiencies, throughout 2022 the Company issued quarterly financial statements containing errors that would require subsequent revision, that the restatement of the foregoing financial statements would hinder the Company's ability to timely file its annual report for 2022, and that as a result, the Company's public statements were materially false and misleading at all relevant times.
Those who purchased shares of Horizon Bancorp, Inc. (NASDAQ: HBNC) have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com
About The Shareholders Foundation
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
NASDAQ:HBNC Shareholder Alert: Lawsuit Alleges Misleading Statements by Horizon Bancorp, Inc
A lawsuit was filed on behalf of investors in Horizon Bancorp, Inc. (NASDAQ:HBNC) shares over alleged securities laws violations.