Sterling Financial Corp. Securities Litigation (Nasdaq: STSA)
Law Office of Brodsky & Smith, LLC Announces Investigation on Behalf of Participants in the Sterling Savings Bank Employee Savings and Investment Plan and Trust or 401K
BALA CYNWYD – (BUSINESS WIRE) Law office of Brodsky & Smith, LLC announces that it is investigating Sterling Financial Corp. (“Sterling” or the “Company”) (Nasdaq: STSA – News) investment of Plan participants and beneficiaries assets in company stock. The investigation concerns whether administrators breached their fiduciary duties and violated the Employee Retirement Income Security Act of 1974 (“ERISA”) by investing assets in company stock when it was not a prudent investment for participants’ retirement savings.
A lawsuit on behalf of those who purchased the common stock of Sterling seeking class action status, which has been filed in the United States District of Washington, charges that defendants violated federal securities laws by failing to disclose the extent of seriously delinquent commercial real estate loans, construction and land loans. The lawsuit also charges that Sterling failed to adequately and timely record losses for its impaired loans, causing its financial results and its Tier 1 capital ratio to be materially false. Specifically, the investigation concerns improper behavior that harmed current and former employees that invested in the plan.
If you are a participant in the Sterling Savings Bank Employee Savings and Investment Plan and Trust or 401K and wish to discuss the legal ramifications of the administrator’s investment in Company stock, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions. You may contact Jason L. Brodsky, Esquire or Evan J. Smith, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 602, Bala Cynwyd, PA 19004, by e-mail at email@example.com, or by calling toll free 877-LEGAL-90.
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After filling out the form, please download read and sign the Securities Class Action Lawsuit Retainer Agreement
Fax or Email the signed retention agreement to us at 610-667-9029 or firstname.lastname@example.org, and mail an original to us at the following address:
Evan J. Smith, Esquire
Brodsky & Smith, LLC
Two Bala Plaza, Suite 602
Bala Cynwyd, PA 19004
The complaint is unavailable at this time