Blue Ridge Bankshares, 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 Blue Ridge Bankshares, Inc. (“Blue Ridge” or the “Company) (NYSE: BRBS) securities during the period from March 10, 2023 through October 31, 2023, inclusive. Investors have until February 5, 2024 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
On October 31, 2023, Blue Ridge filed with the U.S. Securities and Exchange Commission a current report on Form 8-K announcing it would need to restate its consolidated financial statements for its 2022 Annual Report, and the first two quarters of 2023. Among other items, the Company disclosed that certain specialty finance loans that were placed on nonaccrual were misreported. On this news, the price of Blue Ridge shares declined by $1.06 per share, or approximately 33.65%, from $3.15 per share to close at $2.09 on November 1, 2023.
The lawsuit alleges that, throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose that: (i) Blue Ridge’s financial statements from March 10, 2023 to the present included certain errors; (ii) as a result, Blue Ridge would need to restate its previously filed financial statements from March 10, 2023 to October 31, 2023; and (iii) as a result, Defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all times.
On October 31, 2023, Blue Ridge filed with the U.S. Securities and Exchange Commission a current report on Form 8-K announcing it would need to restate its consolidated financial statements for its 2022 Annual Report, and the first two quarters of 2023. Among other items, the Company disclosed that certain specialty finance loans that were placed on nonaccrual were misreported. On this news, the price of Blue Ridge shares declined by $1.06 per share, or approximately 33.65%, from $3.15 per share to close at $2.09 on November 1, 2023.
The lawsuit alleges that, throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose that: (i) Blue Ridge’s financial statements from March 10, 2023 to the present included certain errors; (ii) as a result, Blue Ridge would need to restate its previously filed financial statements from March 10, 2023 to October 31, 2023; and (iii) as a result, Defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all times.