Brower Piven Encourages Investors Who Have Losses in Excess of $200,000 From Investment in Smithtown Bancorp, Inc. to Inquire Ab
12 Marzo 2010 - 3:55PM
Marketwired
Brower Piven, A Professional Corporation announces that a class
action lawsuit has been commenced in the United States District
Court for the Eastern District of New York on behalf of purchasers
of the common stock of Smithtown Bancorp, Inc. ("SBI" or the
"Company") (NASDAQ: SMTB) during the period between March 13, 2008
and February 1, 2010, inclusive (the "Class Period").
No class has yet been certified in the above action. Members of
the Class will be represented by the lead plaintiff and counsel
chosen by the lead plaintiff. If you wish to choose counsel to
represent you and the Class, you must apply to be appointed lead
plaintiff no later than April 26, 2010 and be selected by the
Court. The lead plaintiff will direct the litigation and
participate in important decisions including whether to accept a
settlement and how much of a settlement to accept for the Class in
the action. The lead plaintiff will be selected from among
applicants claiming the largest loss from investment in the Company
during the Class Period. You are not required to have sold your
shares to seek damages or to serve as a Lead Plaintiff. You may
contact Brower Piven (through hoffman@browerpiven.com or
410/415-6616) to answer any questions you may have in that
regard.
The complaint charges defendants with violations of Sections
10(b) and 20(a) of the Securities Exchange Act of 1934. The
complaint alleges that, throughout the Class Period, defendants
failed to disclose 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; that the Company improperly delayed
recognition of impaired assets that inflated its reported income
and asset quality; that the Company's internal and disclosure
controls were deficient; and that the Company, through a
subsidiary, engaged in unsafe and/or unsound banking practices.
According to the Complaint, after the Company issued a press
release on February 1, 2010 announcing its fourth quarter and full
year 2009 results, including a loss of $19.8 million (or $1.34 per
fully diluted share) for the fourth quarter of 2009, the value of
SBI shares declined significantly.
If you have suffered a net loss for all transactions in
Smithtown Bancorp, Inc. common stock during the Class Period, you
may obtain additional information about this lawsuit and your
ability to become a lead plaintiff by contacting Brower Piven at
www.browerpiven.com, by email at hoffman@browerpiven.com, by
calling 410/415-6616, or at Brower Piven, A Professional
Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153.
Attorneys at Brower Piven have combined experience litigating
securities and class action cases of over 40 years. If you choose
to retain counsel, you may retain Brower Piven without financial
obligation or cost to you, or you may retain other counsel of your
choice. You need take no action at this time to be a member of the
class.
CONTACT: Charles J. Piven Brower Piven, A Professional
Corporation Stevenson, Maryland 410/415-6616 Email Contact
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