According to the Complaint, Eagle Bancorp, Inc. operates as the bank holding company for EagleBank that provides commercial and consumer banking services primarily in the United States.

The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations and compliance policies. Specifically, the Complaint alleges Defendants made false and/or misleading statements and/or failed to disclose that: (i) Eagle Bancorp’s internal controls and procedures and compliance policies were inadequate; (ii) the foregoing shortcoming created a foreseeable risk of heightened regulatory scrutiny and the need for the Company undertake its own internal investigations; and (iii) as a result, the Company’s public statements were materially false and misleading at all relevant times.

On November 7, 2019, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on January 21, 2020. Defendants filed a Motion to Dismiss the amended Complaint on April 2. On November 30, the Court issued an Order granting substitution of Lead Plaintiff. On December 27, the Court dismissed Defendants' Motion to Dismiss without prejudice pending the parties' mediation.

The parties entered into a Stipulation and Agreement of Settlement on June 28, 2021. On August 16, the Court granted preliminary approval of the Settlement. On February 10, 2022, the Court granted final approval of the Settlement, approved the Motion for Attorneys' Fees and Expenses, and entered Final Judgment.

On September 15, 2022, the Court issued an Order granting Distribution of the net Settlement Fund.

On July 19, 2023, the Court issued an Order approving distribution of the remaining Settlement Funds to the cy pres beneficiary.