ANZ New CEO Forgoes Bonus After Shareholders Reject Executive Pay Report 
Boeing Seeks FAA Emissions Waiver to Continue 777F Freighter Sales Amid Strong Cargo Demand 
Instacart Stock Drops After FTC Probes AI-Based Price Discrimination Claims 
Oracle Stock Slides After Blue Owl Exit Report, Company Says Michigan Data Center Talks Remain on Track 
Nike Shares Slide as Margins Fall Again Amid China Slump and Costly Turnaround 
Google and Apple Warn U.S. Visa Holders to Avoid International Travel Amid Lengthy Embassy Delays 
Oracle Stock Surges After Hours on TikTok Deal Optimism and OpenAI Fundraising Buzz 
Toyota to Sell U.S.-Made Camry, Highlander, and Tundra in Japan From 2026 to Ease Trade Tensions 
Dina Powell McCormick Resigns From Meta Board After Eight Months, May Take Advisory Role 
FedEx Beats Q2 Earnings Expectations, Raises Full-Year Outlook Despite Stock Dip 
U.S. Lawmakers Urge Pentagon to Blacklist More Chinese Tech Firms Over Military Ties 
TikTok U.S. Deal Advances as ByteDance Signs Binding Joint Venture Agreement 
Trump Administration Reviews Nvidia H200 Chip Sales to China, Marking Major Shift in U.S. AI Export Policy 
Harris Associates Open to Revised Paramount Skydance Bid for Warner Bros Discovery 
Maersk Vessel Successfully Transits Red Sea After Nearly Two Years Amid Ongoing Security Concerns 
Apple Opens iPhone to Alternative App Stores in Japan Under New Competition Law 
Union-Aligned Investors Question Amazon, Walmart and Alphabet on Trump Immigration Policies 
 - EconoTimes)
NEW YORK, Oct. 27, 2016 -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Opus Bank (“Opus Bank” or the “Company”) (NASDAQ:OPB) in the United States District Court for the Central District of California on behalf of purchasers of Orbital common stock between securities between July 28, 2014, and October 17, 2016, inclusive (the “Class Period”), seeking to pursue remedies under the Securities Exchange Act of 1934 (the “Exchange Act”).
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 financial prospects. The Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose: (1) that a percentage of the Company’s loans were of inferior 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 write-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 financial prospects, were false and misleading and/or lacked a reasonable basis.
The Company’s stock price has dropped from a November 2015 high of $39.89 to a current price of $20.23.
Investors who purchased or otherwise acquired shares during the Class Period should contact the Firm prior to the December 27, 2016 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation or discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at [email protected] or [email protected].
Please visit our website at http://www.gme-law.com for more information about the firm.
