Monthly Archives: March 2020

Tostrud Law Group, PC announces an investigation on behalf of Provident Financial Services, Inc.(“Provident” or the “Company”) (NYSE: PFS)investors concerning the Company and its officers’ possible violations of federal securities laws.

On April 27, 2018, Provident disclosed “deterioration in selected commercial credits, including a $15.4 million credit to a commercial borrower” that had filed for bankruptcy in March 2018.  The Company established a $2.5 million specific reserve for this impaired loan.  

On July 5, 2018, Provident revealed that it expected an additional reserve for the remainder of the $15.4 million credit and that its net income for the quarter ended June 30, 2018 would be reduced by up to $9.3 million. 

Then, on July 27, 2018, pre-market, Provident reported a net charge-off of $4 million for two additional loans from another commercial borrower that became impaired during second quarter 2018. The Company’s Chief Executive Officer Christopher Martin stated that the losses “were primarily driven by two commercial relationships which we believe involved borrower fraud in each instance.” 

On this news, Provident’s stock price fell $1.46 per share, or over 5%, to close at $26.23 per share on July 27, 2018, thereby injuring investors. 

Later, in December 2019, certain Provident emails, which became public during the course of certain litigation, indicated that the Company was aware of the fraudulent nature of and/or risks posed by at least one of its failed loans.  Specifically, Provident executives and top-level management, including CEO Martin, seemingly ignored multiple red flags and extended a $17 million loan to Lotus Exim International.

If you purchased Provident securities, have information or 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 Jon A. Tostrud of Tostrud Law Group, PC by telephone at (310) 278-2600, toll-free at (855) 854-8678, or by email to shareholder@tostrudlaw.com, or visit our website at http://tostrudlaw.com/.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Contacts

Tostrud Law Group, PC

Jon A. Tostrud, Esquire

1925 Century Park East, Suite 2100

Tostrud Law Group, PC announces an investigation on behalf James River Group Holdings, Ltd. (“James River” or the “Company”) (NASDAQ: JRVR) investors concerning the Company and its officers’ possible violations of federal securities laws.

On October 8, 2019, after-market, the Company disclosed that it had delivered a notice of early cancellation of all policies issued to its largest customer, Rasier LLC.

On this news, the Company’s share price fell $11.06, or over 22%, to close at $37.88 per share on October 9, 2019, thereby injuring.

If you purchased James River securities, have information or 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 Jon A. Tostrud of Tostrud Law Group, PC by telephone at (310) 278-2600, toll-free at (855) 854-8678, or by email to shareholder@tostrudlaw.com, or visit our website at http://tostrudlaw.com/.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Contacts

Tostrud Law Group, PC

Jon A. Tostrud, Esquire

1925 Century Park East, Suite 2100

Los Angeles, CA 90067 
310-278-2600

855-854-8678
shareholder@tostrudlaw.com
http://tostrudlaw.com/

Tostrud Law Group, PC announces an investigation on behalf Brooks Automation, Inc. (“Brooks Automation” or the “Company”) (NASDAQ: BRKS) investors concerning the Company and its officers’ possible violations of federal securities laws.

On December 2, 2019, Brooks Automation disclosed that it could not timely file its fiscal 2019 annual report due to a review of revenue recognition with respect to products in its Semiconductor Solution Group and similar transactions. The Company also revealed that it would report a material weakness in the financial reporting of the Brooks Life Sciences segment related to price and quantity of certain billings.

On this news, Brooks Automation’s share price fell $3.16 per share, or 7.06%, to close at $41.61 per share on December 2, 2019, thereby injuring investors.

If you purchased Brooks Automation securities, have information or 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 Jon A. Tostrud of Tostrud Law Group, PC by telephone at (310) 278-2600, toll-free at (855) 854-8678, or by email to shareholder@tostrudlaw.com, or visit our website at http://tostrudlaw.com/.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Contacts

Tostrud Law Group, PC

Jon A. Tostrud, Esquire

1925 Century Park East, Suite 2100

Los Angeles, CA 90067 
310-278-2600

855-854-8678
shareholder@tostrudlaw.com
http://tostrudlaw.com/

Tostrud Law Group, PC announces an investigation on behalf of Sterling Bancorp, Inc.  (“Sterling Bancorp” or the “Company”) (NASDAQ: SBT) investors concerning the Company and its officers’ possible violations of federal securities laws.

On December 9, 2019, Sterling Bancorp disclosed that its subsidiary, Sterling Bank and Trust, FSB, suspended its Advantage Loan program due to an ongoing internal review of documentation on past loans and due to an implementation of “systems and controls to ensure the Bank’s policies and procedures are followed on loans originated under the program.”

On this news, the Company’s stock price fell $2.16, or nearly 23%, to close at $7.29 per share on December 9, 2019, thereby injuring investors. 

If you purchased Sterling Bancorp securities, have information or 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 Jon A. Tostrud of Tostrud Law Group, PC by telephone at (310) 278-2600, toll-free at (855) 854-8678, or by email to shareholder@tostrudlaw.com, or visit our website at http://tostrudlaw.com/.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Contacts

Tostrud Law Group, PC

Jon A. Tostrud, Esquire

1925 Century Park East, Suite 2100

Los Angeles, CA 90067 
310-278-2600

855-854-8678
shareholder@tostrudlaw.com
http://tostrudlaw.com/

Tostrud Law Group, PC announces an investigation on behalf of Harsco Corporation (“Harsco” or the “Company”) (NYSE: HSC) investors concerning the Company and its officers’ possible violations of federal securities laws.

On January 23, 2020, after the market closed, Harsco announced preliminary fourth quarter 2019 financial results, expecting approximately $400 million revenue. The Company also expected adjusted operating income of approximately $31 million, below prior guidance in the range of $53 million to $58 million, citing “operational challenges following the consolidation of Rail’s North American manufacturing into a single facility in South Carolina,” among other things.

On this news, the Company’s share price fell $3.64, or nearly 19%, to close at $15.80 per share on January 24, 2020, thereby injuring investors.

If you purchased Harsco securities, have information or 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 Jon A. Tostrud of Tostrud Law Group, PC by telephone at (310) 278-2600, toll-free at (855) 854-8678, or by email to shareholder@tostrudlaw.com, or visit our website at http://tostrudlaw.com/.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Contacts

Tostrud Law Group, PC

Jon A. Tostrud, Esquire

1925 Century Park East, Suite 2100

Los Angeles, CA 90067 
310-278-2600

855-854-8678
shareholder@tostrudlaw.com
http://tostrudlaw.com/