According to the Complaint, Blue Ridge Bankshares, Inc. conducts its business activities through its “wholly-owned subsidiary bank, Blue Ridge Bank [. . .], and its wealth and trust management subsidiary, BRB Financial Group, Inc.”

The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements and/or failed to disclose that: (1) Blue Ridge Bankshares, Inc.'s financial statements from March 10, 2023 to the present included certain errors; (2) as a result, Blue Ridge Bankshares would need to restate its previously filed financial statements from March 10, 2023 to October 31, 2023; and (3) as a result, Defendants' statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all times.

On May 13, 2024, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on June 12.

On February 4, 2025, the parties entered into a Stipulation of Settlement.