Horizon Bancorp, Inc. (HBNC) Misleading Case

The case has been dismissed, typically without any further action.

E.D. New York

Court

23-CV-02961

Case number

03/09/2022

Class period Start

03/10/2023

Class period End

06/19/2023

Lead Plaintiff motion deadline

Horizon disclosed material accounting revisions and errors.
$HBNC price fell 10.96%, injuring investors.
Investors suspect Horizon & its Team of negligence and misleading, leading to investment damages.

On March 10, 2023, Horizon Bancorp, Inc. (HBNC) filed a late filing notice with the SEC, announcing receipt of a notice from NASDAQ as a result of failing to timely file its annual report, as well as disclosing that it had identified material weaknesses in its internal controls. Specifically, the material weakness related to:

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 privately labeled mortgage-backed pools to federal agency mortgage pool.
Calculation error in the Company’s public float.

On this news, the $HBNC price fell 10.96%, injuring investors.

Taking recent disclosures into account, Investors have grounds to suspect Horizon, its Leaders & its Service Providers of negligence and misleading which consequently led to investment damages.

Case Type

US Securities Class Action

Case Status

Dismissed

Alleged Offence

Mismanagement,

Misleading Statements,

Financial Misrepresentation,

Failure to Disclose,

Negligence,

Breach of Fiduciary duty,

Omissions

Suspected Party

Directors,

Management,

Service Provider

Security Type

Stocks

Trade Direction

Long

Shock Event Date

03/10/2023

Filing date

04/19/2023

Lead Plaintiff Deadline

06/19/2023