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Case Status:    SETTLED
On or around 10/30/2015 (Other)

Filing Date: February 25, 2010

According to a press release dated February 25, 2010, the complaint alleges that, throughout the Class Period, defendants failed to disclose material adverse facts about the Company’s true financial condition, business and prospects. Specifically, the complaint alleges that defendants failed to disclose: (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 and/or unsound banking practices.

On February 1, 2010, SBI issued a press release announcing its fourth quarter and full year 2009 results, which included a loss of $19.8 million for the fourth quarter of 2009, or ($1.34) per fully diluted share. In response to this announcement, on the next trading day, shares of the Company stock fell approximately 15%, to close at $4.60 per share, on extremely heavy trading volume.

On May 31, 2011, Magistrate Judge Ramon E. Reyes, Jr., issued a Report and Recommendations recommending that the Plaintiffs' motion for consolidation, appointment of lead plaintiff, and appointment of counsel be granted in its entirety. On August 10, 2011, Judge Sandra L. Townes adopted the Magistrate Judge's Report and Recommendation. Waterford Township Police & Fire Retirement System and Michael L. Cox have been appointed lead plaintiffs and Robbins Geller Rudman & Dowd LLP have been appointed lead counsel. A Consolidated Amended Class Action Complaint was filed on October 17, 2011.

On March 29, 2013, the Court issued a Memorandum & Order granting the Defendants' motion to dismiss without prejudice. Plaintiffs were given leave to file an amended complaint. Plaintiffs filed their amended complaint on April 30.

On July 18, 2014, the Court issued an Order denying Defendants' Motion to Dismiss.

COMPANY INFORMATION:

Sector: Financial
Industry: Regional Banks
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: SMTB
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: E.D. New York
DOCKET #: 10-CV-00864
JUDGE: Hon. Sandra L. Townes
DATE FILED: 02/25/2010
CLASS PERIOD START: 03/13/2008
CLASS PERIOD END: 02/01/2010
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Coughlin Stoia Geller Rudman & Robbins LLP (Melville)
    200 Broadhollow, Suite 406, Coughlin Stoia Geller Rudman & Robbins LLP (Melville), NY 11747
    631.367.7100 631.367.1173 · info@csgrr.com/
No Document Title Filing Date
COURT: E.D. New York
DOCKET #: 10-CV-00864
JUDGE: Hon. Sandra L. Townes
DATE FILED: 10/17/2011
CLASS PERIOD START: 03/13/2008
CLASS PERIOD END: 02/01/2010
PLAINTIFF FIRMS NAMED IN COMPLAINT:
No Document Title Filing Date