The Brualdi Law Firm, P.C. Announces Class Action Lawsuit Against Smithtown Bancorp, Inc.
05 Marzo 2010 - 9:00AM
The Brualdi Law Firm, P.C. announces that a lawsuit has been
commenced in the United States District Court for the Eastern
District of New York on behalf of purchasers of Smithtown Bancorp,
Inc. ("SBI" or the "Company") (Nasdaq:SMTB) stock during the period
between March 13, 2008, through February 1, 2010, inclusive (the
"Class Period") for violations of the federal securities laws.
No class has yet been certified in the above action. Until
a class is certified, you are not represented by counsel unless you
retain one. If you purchased SBI common stock during the Class
Period, and wish to move the court for appointment of lead
plaintiff, you must do so by April 26, 2010. A lead plaintiff
is a representative party acting on behalf of other class members
in directing the litigation. The lead plaintiff will be selected
from among applicants claiming the largest loss from investment in
the Company during the Class Period. You do not need to seek
appointment as a lead plaintiff in order to share in any
recovery.
To be a member of the class you need not take any action at this
time, and you may retain counsel of your choice. If you wish to
discuss this action or have any questions concerning this Notice or
your rights or interests with respect to these matters, please
contact Sue Lee or David Titus at The Brualdi Law Firm, P.C. 29
Broadway, Suite 2400, New York, New York 10006, by telephone toll
free at (877) 495-1187 or (212) 952-0602, by email to
slee@brualdilawfirm.com or visit our website at
http://www.brualdilawfirm.com.
The Complaint charges that SBI and certain of its officers and
executives violated federal securities laws. Specifically, the
Complaint alleges that defendants failed to disclose the following:
(i) that the Company's financial results were artificially inflated
due to SBI's material understatement of its loan loss reserves and
SBI's failure to state certain of its assets at their true fair
value; (ii) that the Company improperly delayed the recognition of
its impaired assets in order to inflate its reported income and
asset quality; (iii) that the Company's internal and disclosure
controls were materially deficient; and (iv) that the Company,
through its subsidiary, was engaged in unsafe banking
practices.
The Brualdi Law Firm, P.C. is a New York, New York based law
firm that dedicates its practice to vigorous representation of
shareholders and investors in litigation nationwide, with a
particular emphasis on sophisticated class action litigation in the
securities, and antitrust areas as well as corporate derivative
suits. More information about the firm is available through its
website, www.brualdilawfirm.com, and upon request from the
firm.
Attorney Advertising. Prior Results Do Not Guarantee A Similar
Outcome.
CONTACT: The Brualdi Law Firm, P.C.
Sue Lee, Esq.
David Titus, Esq.
(212)-952-0602
(877)-495-1187
slee@brualdilawfirm.com
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