Opus Bank is an FDIC-insured California-chartered commercial bank.

According to the law firm press release, the Complaint filed in this action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose: (1) that certain of the Company’s loans were of poor quality; (2) that the Company was over-representing the quality of the loans to the public; (3) that, as such, the Company failed to properly account for the loans in violation of Generally Accepted Accounting Principles (“GAAP”); (4) that, as a result, the Company would be forced to recognize large charge-offs associated with the loans; (5) that the Company lacked adequate internal controls over accounting and financial reporting; and (6) that, as a result of the foregoing, Defendants’ positive statements about Opus’s business, operations, and prospects were false and misleading and/or lacked a reasonable basis.

On February 23, 2017, the Court appointed Lead Plaintiffs and Counsel. Lead Plaintiff filed an amended Complaint on April 24, 2017.

The parties entered into a Stipulation of Settlement on December 22, 2017. On March 12, 2018, the Court issued an Order preliminarily approving the Settlement. On August 7, the Court issued an Order denying Lead Plaintiff's motion for final approval of the Settlement. Lead Plaintiff was instructed to provide supplemental notice to Class members and to extend the deadline to submit claim forms. Lead Plaintiff was given leave to re-submit its final approval motion after complying with the Order. On November 5, the Court granted final approval of the Settlement and entered Final Judgment. On July 10, 2019, the Court issued a Class Distribution Order.