NEW YORK, May 27, 2023 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Horizon Bancorp, Inc. ("Horizon" or the "Company") (NASDAQ: HBNC) and reminds investors of the June 19, 2023 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you suffered losses exceeding $100,000 investing in Horizon stock or options between March 9, 2022 and March 10, 2023 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also click here for additional information: www.faruqilaw.com/HBNC.
There is no cost or obligation to you.
Faruqi & Faruqi is a leading minority and Woman-owned national securities law firm with offices in New York, Pennsylvania, California and Georgia.
As detailed below, the lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose 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, the Company's public statements were materially false and misleading at all relevant times.
On March 10, 2023, after trading hours, Horizon filed a notice of the Company's inability to timely file its Annual Report on Form 10-K for the year ended December 31, 2022 with the Securities and Exchange Commission, announcing receipt of a notice from NASDAQ as a result of failing to timely file its annual report, as well as disclosing that it had identified material weaknesses in its internal controls.
On this news, Horizon's stock price fell $1.43 per share, or 10.96%, to close at $11.62 per share on March 13, 2023.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Horizon's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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