LOS ANGELES–(BUSINESS WIRE)–$HBNC #HBNC—The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Horizon Bancorp, Inc. (“Horizon Bank” or “the Company”) (NASDAQ: HBNC) for violations of the securities laws.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Horizon Bank filed a late filing notice and a current report on Form 8-K with the SEC on March 10, 2023. The Company stated in its filing it had received a notice from NASDAQ due to its failure to file its annual report in a timely manner and had also discovered material weaknesses in its internal controls. According to the Company’s statements, its internal controls weaknesses included: “(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.”
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The class in this case has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
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