Horizon Bancorp, Inc. Class Action Lawsuit - HBNC

12 days left to seek lead plaintiff status

Case Summary

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The Horizon Bancorp class action lawsuit seeks to represent purchasers or acquirers of Horizon Bancorp, Inc. (NASDAQ: HBNC) securities between March 9, 2022 and March 10, 2023, inclusive (the “Class Period”).  Captioned Key v. Horizon Bancorp, Inc., No. 23-cv-02961 (E.D.N.Y.), the Horizon Bancorp class action lawsuit charges Horizon Bancorp and certain of its top executives with violations of the Securities Exchange Act of 1934.

If you suffered substantial losses and wish to serve as lead plaintiff of the Horizon Bancorp class action lawsuit, please provide your information in the form on this page.  You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at jsanchez@rgrdlaw.com.  Lead plaintiff motions for the Horizon Bancorp class action lawsuit must be filed with the court no later than June 20, 2023.

CASE ALLEGATIONS: Horizon Bancorp operates as the bank holding company for Horizon Bank, which provides a range of commercial and retail banking services.

The Horizon Bancorp class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) Horizon Bancorp maintained deficient internal accounting controls relating to its classification of certain loan balances and securities; (ii) as a result, throughout 2022 Horizon Bancorp issued quarterly financial statements containing errors that would require subsequent revision; and (iii) restatement of the foregoing financial statements would hinder Horizon Bancorp’s ability to timely file its annual report for 2022.

On March 10, 2023, Horizon Bancorp filed a notice of its inability to timely file its Annual Report on Form 10-K for the year ended December 31, 2022 with the U.S. Securities and Exchange Commission, 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.  On this news, Horizon Bancorp’s stock price fell by nearly 11%, damaging investors.

THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Horizon Bancorp securities during the Class Period to seek appointment as lead plaintiff in the Horizon Bancorp class action lawsuit.  A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class.  A lead plaintiff acts on behalf of all other class members in directing the Horizon Bancorp class action lawsuit.  The lead plaintiff can select a law firm of its choice to litigate the Horizon Bancorp class action lawsuit.  An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Horizon Bancorp class action lawsuit. 

ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: Robbins Geller Rudman & Dowd LLP is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases.  The Firm is ranked #1 on the most recent ISS Securities Class Action Services Top 50 Report for recovering more than $1.75 billion for investors in 2022 – the third year in a row Robbins Geller tops the list.  And in those three years alone, Robbins Geller recovered nearly $5.3 billion for investors, more than double the amount recovered by any other plaintiffs’ firm.  With 200 lawyers in 9 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig.

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