HORIZON BANK ALERT: Bragar Eagel & Squire, P.C. is Investigating Horizon Bancorp, Inc. on Behalf of Horizon Bank Stockholder
NEW YORK , March 21 /Businesswire/ - Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, is investigating potential claims against Horizon Bancorp, Inc. (“Horizon Bank” or the “Company”) (NASDAQ: HBNC) on behalf of Horizon Bank stockholders. Our investigation concerns whether Horizon Bank has violated the federal securities laws and/or engaged in other unlawful business practices.
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On March 10, 2023, after trading hours, Horizon Bank filed a current report on Form 8-K as well as a late filing notice with the Securities & Exchange Commission ("SEC"). In these filings, it announced that it had received a notice from NASDAQ as a result of failing to timely file its annual report, and that it had identified material weaknesses in its internal controls.
Specifically, the material weaknesses in internal controls issues related to "(i) accounting revisions of previously issued financial statements with respect to the classification of sold commercial loan participation balances, the reporting of indirect loan dealer reserve asset balances and related amortization expense and the classification of certain available for sale and held to maturity securities from private labeled mortgage-backed pools to federal agency mortgage pool, which revisions were previously disclosed in the Earnings Release and the Company's Form 10-Q filings during 2022, in addition to errors in previously issued financial statement disclosures relating to the transfer of available for sale to held to maturity securities and the cash flow classification of repurchases of outstanding stock from an investing activity to a financing activity, which will be disclosed for the first time in the 2022 Form 10-K, and (ii) a calculation error in the Company's public float as noted above."
On this news, the price of Horizon Bank's stock fell $1.43, or 10.9%, to close at $11.62 per share on March 13, 2023, the next trading day.
If you purchased or otherwise acquired Horizon Bank shares and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Marion Passmore by email at investigations@bespc.com, by telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York and California. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
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