NEW YORK, Nov. 28, 2018 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in
Bank OZK (the “Company”) (NASDAQ:OZK) of the December 26, 2018 deadline to seek the role of lead plaintiff in a federal securities
class action that has been filed against the Company.
If you invested in Bank OZK stock or options between February 19, 2016 and October 18, 2018 and would like to
discuss your legal rights, click here: www.faruqilaw.com/OZK. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at
212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com.
CONTACT:
FARUQI & FARUQI, LLP
685 Third Avenue, 26th Floor
New York, NY 10017
Attn: Richard Gonnello, Esq.
rgonnello@faruqilaw.com
Telephone: (877) 247-4292 or (212) 983-9330
The lawsuit has been filed in the U.S. District Court for the Eastern District of Arkansas on behalf of all those who purchased
Bank OZK securities between February 19, 2016 and October 18, 2018 (the “Class Period”). The case, Colbert v. Bank OZK et
al., No. 18-cv-00793 was filed on October 26, 2018, and has been assigned to Judge James Maxwell Moody, Jr.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose (1): that
the Company lacked adequate internal controls to assess credit risk; (2) that, as a result, certain of the Company's loans posed an
increased risk of loss; (3) that certain substandard loans were reasonably likely to lead to charge-offs; and (4) that, as a result
of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects were materially
misleading and/or lacked a reasonable basis.
Specifically, on October 18, 2018, the Company issued a press release to announce its third quarter 2018 financial results,
which revealed that the Company’s net income for the quarter was 22.7% below the same quarter of 2017. The release also exposed
that the Company had incurred combined charge-offs of $45.5 million on two Real Estate Specialties Group credits in South Carolina
and North Carolina. The following day, on October 19, 2018, the Company held a conference call with analysts and investors in which
Chief Executive Officer (“CEO”) George Gleason stated that one credit became substandard in the second quarter of 2017 and the
other in the fourth quarter of 2017.
On this news, the Company’s stock price fell from $34.85 on October 18, 2018 to $25.52 on October 19, 2018—a $9.33 or 26.77%
drop.
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 Bank OZK’s conduct to contact the firm, including
whistleblowers, former employees, shareholders and others.
Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results
do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your
particular case. All communications will be treated in a confidential manner.