SEATTLE,
June 20,
2024 /PRNewswire/ -- On August
16, 2022, the United States Securities and Exchange
Commission (the "SEC") issued an order against Eagle Bancorp,
Inc. ("Eagle") concerning material misstatements and omissions
about related party loans that Eagle's principal subsidiary,
EagleBank, extended to family trusts affiliated with Eagle's former
Chairman, CEO, and President, Ronald D.
Paul ("Paul"), and to other related parties. From
March 2015, through April 2018, Eagle failed to disclose these loans
in the annual reports and proxy statements that it filed with the
SEC. Eagle and Paul also made false statements regarding the nature
of the loans in two press releases.
The SEC ordered Eagle to pay $13,350,493 to a Fair Fund established for
the benefit of harmed investors. An additional $431,216 collected from a related matter,
SEC v. Ronald D. Paul,
1:22-cv-06985 (S.D.N.Y.), and accrued interest were also added to
the Fair Fund. The SEC has appointed JND Legal Administration as
the Fund Administrator to distribute the Fair Fund to harmed
investors.
If you purchased or acquired shares of Eagle
Bancorp common stock traded under the symbol EGBN between
March 2, 2015, and July 17, 2019, inclusive, and suffered losses you
may be eligible for a payment. If you submitted a claim in the
related securities class action, Shiva Stein v. Eagle
Bancorp, Inc., et al., Case No 1:19-cv-06873-LGS filed in
the United States District Court
for the Southern District of New
York (the "Class Action"), then you should read the Plan
Notice and Plan of Distribution carefully to learn how to
participate in the Fair Fund distribution.
If you did not submit a claim in the related
Class Action, then to be considered for a Distribution Payment, you
must submit a completed and signed Claim Form along with all
required supporting documentation, to the Fund Administrator by
11:59 p.m. ET on October 1, 2024. Investors who did not suffer
a loss on their investment in Eagle Bancorp common stock are not
eligible to receive a payment. The Claim Form is available at the
Eagle Bancorp Fair Fund website
www.EagleBancorpFairFund.com. Electronic claim
submission is strongly encouraged and can be done through the Fair
Fund website. Please refer to the Plan Notice for instructions
on how to submit your claim by mail.
Additional information regarding the Fair Fund,
including the Plan of Distribution and other materials, is
available at the Fair Fund website, or by contacting the Fund
Administrator toll–free at 1–888–995-0214, by email at
info@EagleBancorpFairFund.com, or by writing to the
above address. Please check the Fair Fund website frequently for
updates.
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content:https://www.prnewswire.com/news-releases/sec-eagle-bancorp-distribution-fund-now-accepting-claims---if-you-purchased-eagle-bancorp-common-stock-egbn-between-march-2-2015-and-july-17-2019-and-suffered-losses-you-may-be-eligible-for-a-distribution-payment-from-a-13-302164942.html
SOURCE JND Legal Administration