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Case Status:    SETTLED
On or around 11/19/2013 (Date of order of final judgment)

Filing Date: October 20, 2011

According to the press release dated October 20, 2011, the complaint alleges that, during the Class Period, defendants issued materially false and misleading statements regarding the Company’s business and prospects. Specifically, defendants misrepresented and/or failed to disclose the following adverse facts: (i) that the Company’s financial results were artificially inflated due to the material understatement of Suffolk’s loan loss reserves; (ii) that the Company’s financial results were artificially inflated due to a failure to recognize its impaired assets; (iii) that the Company’s internal and disclosure controls were materially deficient; and (iv) that, based on the foregoing, defendants lacked a reasonable basis for their positive statements about the Company, its prospects and growth.

On August 10, 2011, the Company issued a press release announcing its inability to file its quarterly results with the SEC on Form 10-Q and reporting its expected results for the quarter ended June 30, 2011. In addition, on that date, the Audit Committee of the Company’s Board of Directors concluded that Suffolk’s previously issued financial statements as of and for the year ended December 31, 2010, the quarter ended December 31, 2010 and the quarter ended September 30, 2010, as reported in Suffolk’s Annual Report on Form 10-K and Quarterly Report on Form 10-Q, respectively, “should no longer be relied upon due to an understatement of its allowance for loan losses in such periods.” As a result of these disclosures, the price of Suffolk stock declined more than 11.3%, closing at $9.16 per share on August 10, 2011.

On May 1, 2012, plaintiffs filed an amended class action complaint.

On April 10, 2013, the parties filed a Settlement Agreement. The Court preliminarily approved the Settlement on July 18. On November 13th, the Court issued an Order awarding attorneys' fees and expenses. On the same date, the Court also issued a Final Judgment approving the Settlement and ordered this case dismissed with prejudice.

COMPANY INFORMATION:

Sector: Financial
Industry: Regional Banks
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: SUBK
Company Market: New York SE
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 #: 11-CV-05114
JUDGE:
DATE FILED: 10/20/2011
CLASS PERIOD START: 03/12/2010
CLASS PERIOD END: 08/10/2011
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Dyer & Berens LLP
    303 East 17th Avenue, Suite 300, Dyer & Berens LLP, CO 80203
    303.861.1764 303.861.1764 ·
  2. Holt, Ney, Zatcoff & Wasserman
    100 Galleria Parkway, Suite 600, Holt, Ney, Zatcoff & Wasserman, GA 30339-5911
    770.956.9600 770.956.149 ·
  3. Robbins Geller Rudman & Dowd LLP (Melville)
    58 South Service Road, Suite 200, Robbins Geller Rudman & Dowd LLP (Melville), NY 11747
    631.367.7100 631.367.1173 ·
No Document Title Filing Date
COURT: E.D. New York
DOCKET #: 11-CV-05114
JUDGE:
DATE FILED: 05/01/2012
CLASS PERIOD START: 03/12/2010
CLASS PERIOD END: 08/10/2011
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Dyer & Berens LLP
    303 East 17th Avenue, Suite 300, Dyer & Berens LLP, CO 80203
    303.861.1764 303.861.1764 ·
  2. Holzer Holzer & Fistel, LLC (Atlanta)
    200 Ashford Center North, Suite 300, Holzer Holzer & Fistel, LLC (Atlanta), GA 30338
    770.392.0090 770.392.0090 ·
  3. Robbins Geller Rudman & Dowd LLP (Melville)
    58 South Service Road, Suite 200, Robbins Geller Rudman & Dowd LLP (Melville), NY 11747
    631.367.7100 631.367.1173 ·
No Document Title Filing Date