NEW YORK, April 24, 2023 (GLOBE NEWSWIRE) — Gainey McKenna & Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the Eastern District of New York on behalf of all persons or entities who purchased the securities of Horizon Bancorp, Inc. (“Horizon” or the “Company”) HBNC between March 9, 2022 and March 10, 2023, both dates inclusive (the “Class Period”).
The Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (i) Horizon maintained deficient internal accounting controls relating to its classification of certain loan balances and securities; (ii) as a result, throughout 2022 Horizon issued quarterly financial statements containing errors that would require subsequent revision; and (iii) restatement of the foregoing financial statements would hinder Horizon’s ability to timely file its annual report for 2022.
On March 10, 2023, Horizon filed a notice of its inability to timely file its Annual Report on Form 10-K for the year ended December 31, 2022 with the U.S. 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 by nearly 11%, damaging investors.
Investors who purchased or otherwise acquired shares of Horizon should contact the Firm prior to the June 20, 2023 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at firstname.lastname@example.org or email@example.com.
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