According to the Complaint, Equity Bancshares purports to provide a broad range of financial services through its wholly-owned subsidiary Equity Bank with branches in Arkansas, Kansas, Missouri, and Oklahoma.

The Complaint 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, the Complaint alleges Defendants failed to disclose to investors: (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, as a result, the Company was reasonably likely to incur significant losses for certain substandard loans; 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.

On August 16, 2019, the Court issued an Order appointing Lead Plaintiffs and Counsel. Lead Plaintiffs filed an amended Complaint on October 15. Defendants filed a Motion to Dismiss the amended Complaint on December 6. On October 14, 2020, the Court issued an Order granting Defendants' Motion to Dismiss. The case was dismissed with prejudice.