Financiers accuse the $1.4 billion-asset Orrstown of failing to disclose information about the quality of its loan portfolio and other topical information about its underwriting policies, according to the accusers ' lawyers. The lawsuit names 10 Orrstown directors as defendants, including president and Manager Thomas Quinn Jr, and chairperson Joel Zullinger. Now they want a securities fraud lawyer for this case.
The Southeastern Pennsylvania Transportation Authority, which operates Philadephia's mass-transit system, is the lead accuser for the lawsuit, which seeks class-action standing.
The Southeastern Pennsylvania Transportation Authority, which operates Philadephia's mass-transit system, is the lead accuser for the lawsuit, which seeks class-action standing.
Lawyers accuse Orrstown of looking for fast expansion in its mortgage business at the expense of risk control. In particular , Orrstown added new mortgage products and a new software platform that let purchasers submit mortgage applications online and allowed the bank to confirm them quicker. Orrstown failed to implement stricter risk controls, despite the shorter period of time for approving applications, the suit announces.
In a press release filed Thursday with the Securities and Exchange Commission, Orrstown related, "the company believes that the allegations in the complaint are without merit and intends to vigorously defend against these claims."
The plaintiffs ' legal company, Chimicles & Tikellis of Haverford, Pa, filed the legal action on Friday in U.S. District Court for the Middle District of Pennsylvania. Orrstown said it received a copy of the lawsuit on Wed..
Orrstown's shares have lost more than 70% of their worth in the last year as the corporation's problem loans have mounted. Its stock closed at $7.58 Thursday.
Orrstown's chief finance officer, Brad Everly, resigned earlier in the month after 14 years in the position. Everly's exit came among ongoing struggles at the company. It reported a first-quarter $8.2 million loss and earlier this year was put under an enforcement order requiring it to reduce problem loans. Separately, two stand in advisory firms had advocated that shareholders reject the organization's executive pay plan, in a say-on-pa
In a press release filed Thursday with the Securities and Exchange Commission, Orrstown related, "the company believes that the allegations in the complaint are without merit and intends to vigorously defend against these claims."
The plaintiffs ' legal company, Chimicles & Tikellis of Haverford, Pa, filed the legal action on Friday in U.S. District Court for the Middle District of Pennsylvania. Orrstown said it received a copy of the lawsuit on Wed..
Orrstown's shares have lost more than 70% of their worth in the last year as the corporation's problem loans have mounted. Its stock closed at $7.58 Thursday.
Orrstown's chief finance officer, Brad Everly, resigned earlier in the month after 14 years in the position. Everly's exit came among ongoing struggles at the company. It reported a first-quarter $8.2 million loss and earlier this year was put under an enforcement order requiring it to reduce problem loans. Separately, two stand in advisory firms had advocated that shareholders reject the organization's executive pay plan, in a say-on-pa
The plaintiffs ' legal company, Chimicles & Tikellis of Haverford, Pa, filed the legal action on Friday in U.S. District Court for the Middle District of Pennsylvania. Orrstown said it received a copy of the lawsuit on Wed..
Orrstown's shares have lost more than 70% of their worth in the last year as the corporation's problem loans have mounted. Its stock closed at $7.58 Thursday.
Orrstown's chief finance officer, Brad Everly, resigned earlier in the month after 14 years in the position. Everly's exit came among ongoing struggles at the company. It reported a first-quarter $8.2 million loss and earlier this year was put under an enforcement order requiring it to reduce problem loans. Separately, two stand in advisory firms had advocated that shareholders reject the organization's executive pay plan, in a say-on-pay vote, in this year's yearly meeting. Orrstown did , however , receive approval from stockholders in the non-binding vote.
At the time of his resignation, Orrstown related Everly's call "was not due to any feud" with the company or to accounting-related matters.
About the Author:
Orrstown's shares have lost more than 70% of their worth in the last year as the corporation's problem loans have mounted. Its stock closed at $7.58 Thursday.
Orrstown's chief finance officer, Brad Everly, resigned earlier in the month after 14 years in the position. Everly's exit came among ongoing struggles at the company. It reported a first-quarter $8.2 million loss and earlier this year was put under an enforcement order requiring it to reduce problem loans. Separately, two stand in advisory firms had advocated that shareholders reject the organization's executive pay plan, in a say-on-pay vote, in this year's yearly meeting. Orrstown did , however , receive approval from stockholders in the non-binding vote.
At the time of his resignation, Orrstown related Everly's call "was not due to any feud" with the company or to accounting-related matters.
About the Author:
These article is all about finra arbitration and ponzi schemes . The writer is Russel Brooks.