Key Developments: Suffolk Bancorp (SUBK.O)
16.72USD
19 Jun 2013
$0.05 (+0.30%)
$16.67
$16.62
$16.79
$16.53
11,531
26,577
$16.90
$11.21
Latest Key Developments (Source: Significant Developments)
Suffolk Bancorp Announces Chairman Change-Form 8-K
Suffolk Bancorp reported in its Form 8-K that Joseph A. Gaviola has been appointed Chairman of the Board of Directors, effective immediately. Mr. Gaviola succeeds Edgar F. Goodale as Chairman. Mr. Goodale will continue to serve as a director. Full Article
Suffolk Bancorp Appoints Brian K. Finneran as Executive Vice President, Chief Financial Officer
Suffolk Bancorp announced the appointment of Brian K. Finneran as Executive Vice President and Chief Financial Officer of both Suffolk and its banking subsidiary, Suffolk County National Bank, effective immediately. The position has been open since June 24, 2011. Full Article
Suffolk Bancorp Appoints Howard C. Bluver As President, Chief Executive Officer And Director
Suffolk Bancorp announced that Board of Directors appointed Howard C. Bluver, as President, Chief Executive Officer, and Director of Suffolk Bancorp and its banking subsidiary, The Suffolk County National Bank (SCNB), effective immediately. He succeeds J. Gordon Huszagh in these positions, who had served as Acting Chief Executive Officer since August of 2008, and who was appointed as President and Chief Executive Officer in February 2009. Full Article
Dyer & Berens LLP Files Class Action Lawsuit Against Suffolk Bancorp
Dyer & Berens LLP announced that it has filed a class action lawsuit in the United States District Court for the Eastern District of New York on behalf of all persons who purchased the common stock of Suffolk Bancorp between March 12, 2010 and August 10, 2011, inclusive (Class Period). The complaint alleges that, during the Class Period, defendants issued materially false and misleading statements regarding the Company's business and prospects. Specifically, defendants misrepresented and/or failed to disclose the following adverse facts: that the Company's financial results were artificially inflated due to the material understatement of Suffolk's loan loss reserves; that the Company's financial results were artificially inflated due to a failure to recognize its impaired assets; that the Company's internal and disclosure controls were materially deficient; and that, based on the foregoing, defendants lacked a reasonable basis for their positive statements about the Company, its prospects and growth. Full Article
Goldman Scarlato Karon & Penny, P.C. Announces Investigation of Suffolk Bancorp
Goldman Scarlato Karon & Penny, P.C. announced that it commenced an investigation into Suffolk Bancorp to determine whether Suffolk violated federal securities laws by misrepresenting the adequacy of its loan loss provisions between March 12, 2010 and August 10, 2011, inclusive. On April 12, 2011, Suffolk announced that it was overhauling its lending operations after reporting a $12.9 million loss in the first quarter of 2011. Suffolk increased its loan loss provision by more than three times the amount it had set aside a year earlier. It attributed the increase in the loan provision to the 'absence of recovery and increased weakness in the local economy.' A month later, on May 11, 2011, Suffolk announced that it would not timely file its quarterly report for the first quarter of 2011 due to its identification of possible internal control weaknesses with respect to its loan loss provisions. Finally, on August 10, 2011, the Company revealed that its Audit Committee had concluded that Suffolk’s previously issued financial statements for fiscal year 2010, the fiscal fourth quarter of 2010, and fiscal third quarter of 2010 should no longer be relied upon due to an understatement of its allowance for loan losses. The Company’s stock dropped precipitously in connection with all of these revelations, causing shareholders to incur millions of dollars in losses. Full Article
Bronstein, Gewirtz & Grossman, LLC Announces Class Action Against Suffolk Bancorp
Suffolk Bancorp announced that a class action lawsuit has been filed in the United States District Court for the Eastern District of New York on behalf of purchasers of Suffolk Bancorp (Suffolk or the Company) common stock who purchased shares between March 12, 2010 and August 10, 2011, inclusive (the Class Period) by Bronstein, Gewirtz & Grossman, LLC. The Complaint alleges that Suffolk and certain of its officers and directors violated federal securities laws by failing to disclose the following Suffolk's financial results were artificially inflated due to the material understatement of Suffolk's loan loss reserves; Suffolk's financial results were artificially inflated due to a failure to recognize its impaired assets; Suffolk's internal and disclosure controls were materially deficient; and defendants lacked a reasonable basis for their positive statements about Suffolk. Full Article
Faruqi & Faruqi, LLP Announces Investigation Of Suffolk Bancorp
Faruqi & Faruqi, LLP announced that it is investigating potential wrongdoing at Suffolk Bancorp (Suffolk or the Company). Faruqi & Faruqi, LLP seeks to determine whether certain officers and directors at Suffolk violated federal securities laws in connection with statements made to the Company’s shareholders. The investigation focuses on whether certain individuals violated federal securities laws by failing to disclose that: Suffolk’s loss reserves were materially understated, resulting in artificially inflated financial results for the Company; the Company held impaired assets, further inflating Suffolk’s financial results; and the Company lacked robust internal and disclosure controls. On August 10, 2011, Suffolk issued a press release announcing that it would be unable to file its quarterly results with the SEC on Form 10-Q and that the Company’s previously issued financial statements for the year ended December 31, 2010, the quarter ended December 31, 2010 and the quarter ended September 30, 2010 “should no longer be relied upon due to an understatement of its allowance for loan losses in such periods.” As a result of these shocking disclosures, the price of Suffolk stock declined more than 11.3%, closing at $9.16 per share on August 10, 2011. Full Article
The Law Firm Of Levi & Korsinsky Notifies Investors With Losses On Investment In Suffolk Bancorp Of Class Action
Suffolk Bancorp announced that Levi & Korsinsky informed that a class action lawsuit has been commenced in the United States District Court for the Eastern District of New York on behalf of purchasers of Suffolk Bancorp (Suffolk or the Company) common stock between March 12, 2010 and August 10, 2011 (the Class Period). The complaint alleges that Suffolk and certain of its officers and directors misrepresented and/or failed to disclose that the Company's financial results were artificially inflated due to the material understatement of Suffolk's loan loss reserves; the Company's financial results were artificially inflated due to a failure to recognize its impaired assets; the Company's internal and disclosure controls were materially deficient; and due to the aforementioned, defendants lacked a reasonable basis for their positive statements about the Company, its prospects and growth. Full Article
Holzer Holzer & Fistel, LLC Announces Class Action Lawsuit On Behalf of Investors in Suffolk Bancorp
Holzer Holzer & Fistel, LLC announced that it has filed a class action lawsuit in the United States District Court for the Eastern District of New York on behalf of purchasers of Suffolk Bancorp common stock who purchased shares between March 12, 2010 and August 10, 2011, inclusive (Class Period). The lawsuit alleges that: that the Company's financial results were artificially inflated due to the material understatement of Suffolk's loan loss reserves; that the Company's financial results were artificially inflated due to a failure to recognize its impaired assets; that the Company's internal and disclosure controls were materially deficient; and that, based on the foregoing, defendants lacked a reasonable basis for their positive statements about the Company, its prospects and growth. Full Article
Izard Nobel LLP Announces Class Action Lawsuit Against Suffolk Bancorp
Izard Nobel LLP announced that a lawsuit seeking class action status has been filed in the United States District Court for the Eastern District of New York on behalf of purchasers of the common stock of Suffolk Bancorp (Suffolk or the Company) between March 12, 2010 and August 10, 2011 (the Class Period). The Complaint charges that Suffolk and certain of its officers and directors violated federal securities laws. Specifically, the Complaint alleges that defendants failed to disclose the following: Suffolk's financial results were artificially inflated due to the material understatement of Suffolk's loan loss reserves; Suffolk's financial results were artificially inflated due to a failure to recognize its impaired assets; Suffolk's internal and disclosure controls were materially deficient; and defendants lacked a reasonable basis for their positive statements about Suffolk. Full Article
UPDATE 1-Moody's cuts Suffolk County, N.Y.'s GO rating to A2
NEW YORK, May 30 - Moody's Investors Service on Thursday cut Suffolk County, N.Y.'s general obligation rating to A2 from A1, affecting $1.4 billion of outstanding debt. The rating outlook remains negative. Moody's cited Suffolk's failure to meet projected fiscal 2012 year-end estimates and its use of non-recurring revenue adjustments to balance the fiscal 2013 budget as the reasons for the downgrade. The rating could be lowered again if the county fails to meet projections in
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