NEW YORK, NY / ACCESSWIRE / December 26, 2023 / Pomerantz LLP is investigating claims on behalf of investors of Blue Ridge Bankshares, Inc. ("Blue Ridge" or the "Company") (NYSE:BRBS). Such investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, ext. 7980.
The investigation concerns whether Blue Ridge and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On October 31, 2023, after the market closed, Blue Ridge filed with the U.S. Securities and Exchange Commission a current report on Form 8-K announcing it would need to restate its consolidated financial statements for its 2022 Annual Report, and the first two quarters of 2023 (the "Restatement Announcement"). In the Restatement Announcement, Blue Ridge disclosed that it had "determined that certain specialty finance loans that, as previously disclosed, were placed on nonaccrual, reserved for, or charged off in the interim periods ended March 31, 2023 and June 30, 2023 should have been reported as nonaccrual, reserved for, or charged off in earlier periods" and "[a]s a result, the Company's audited financial statements included in the Company's annual report on Form 10-K for the year ended December 31, 2022, and unaudited interim financial statements included in quarterly reports on Form 10-Q for the quarters ended March 31, 2023 and June 30, 2023 should no longer be relied upon and will be restated."
On this news, Blue Ridge's stock price fell $1.06 per share, or 33.65%, to close at $2.09 per share on November 1, 2023.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
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SOURCE: Pomerantz LLP
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