GRABAR LAW OFFICE INVESTIGATES CLAIMS ON BEHALF OF SHAREHOLDERS OF BANK OZK (NASDAQ: OZK)
Bank OZK is a retail and commercial bank with several subsidiaries focused on investment securities, development of real estate, and ownership of private aircraft. It was known as Bank of the Ozarks until July 16, 2018.
Grabar Law Office is investigating claims on behalf of current long-term shareholders of Bank OZK ("Bank OZK" or the "Company") on behalf of current long-term shareholders with respect to potential breaches of fiduciary duties owed to the Company by certain officers and directors in Bank OZK. A class action complaint has alleged that certain Bank OZK officers made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, the Company, through its officers, failed to disclose to investors: (1) that the Company lacked adequate internal controls to assess credit risk; (2) that, as a result, certain of the Company’s loans posed an increased risk of loss; (3) that certain substandard loans were reasonably likely to lead to charge-offs; and (4) that, as a result of the foregoing, positive statements corporate representatives made about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
On January 10, 2019, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on June 21. Defendants filed a Motion to Dismiss the amended Complaint on August 20. On April 3, 2020, the Court issued an Order partly granting and mostly denying Defendants' Motion to Dismiss.
Lead Plaintiff filed a second amended Complaint on October 23, 2020. Defendants filed a Motion to Dismiss the second amended Complaint on November 23. On January 29, 2021, the Court issued an Order granting in part and denying in part Defendants' Motion to Dismiss.
Plaintiff filed a Motion for Class Certification on July 30, 2021. On December 30, the Court issued an Order granting the Motion for Class Certification.
On May 23, 2022, the parties entered into a Stipulation of Settlement. The Court granted preliminary approval of the Settlement on June 27. On September 23, the Court granted final approval of the $45 million Settlement, including an award of Attorneys’ Fees and Expenses, and entered Final Judgment.
Current shareholders who have held Bank OZK stock since before February 19, 2016, can seek corporate reforms, the return of funds spent defending litigation back to the company, and a court approved incentive award, at no cost to them.
If you would like to learn more about this matter, you are encouraged to contact us at firstname.lastname@example.org, or call 267-507-6085.