Lead Plaintiff Deadline 06/20/2023
Horizon Bancorp, Inc.
The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Eastern District of New York on behalf of those who acquired Horizon Bancorp, Inc. (“Horizon” or the “Company”) (NASDAQ: HBNC) securities during the period from March 9, 2022 through March 10, 2023 (the “Class Period”). Investors have until June 20, 2023 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
Horizon operates as the bank holding company for Horizon Bank, which provides a range of commercial and retail banking services.
On March 10, 2023, after trading hours, Horizon filed a notice of the Company’s inability to timely file its Annual Report on Form 10-K for the year ended December 31, 2022 with the SEC. On this news, the price of Horizon shares declined by $1.43 per share, or approximately 10.96%, from $13.05 per share to close at $11.62 on March 13, 2023.
The lawsuit alleges that, throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose that: (i) the Company maintained deficient internal accounting controls relating to its classification of certain loan balances and securities; (ii) as a result of the foregoing deficiencies, throughout 2022 the Company issued quarterly financial statements containing errors that would require subsequent revision; and (iii) restatement of the foregoing financial statements would hinder the Company’s ability to timely file its annual report for 2022.