Investigation of Sterling Bancorp, Inc.
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Sterling Bancorp, Inc. (SBT)’s Reported Results May Suffer Material Impact
On January 29, 2020, Sterling Bancorp issued a press release reporting its results of operation including net income of $56.9 million for fiscal year 2019 compared to net income of $63.5 million for fiscal year 2018. However, on March 17, 2020, Sterling Bancorp disclosed in its Form 10K filed with the SEC that due to its ongoing internal review relating to the termination of its Advantage Loan Program, the Company is unable to file its Form 10-K within the prescribed period of time as it may uncover information that “require[s] adjustments that would negatively impact the previously-announced results of operation.” On this news, Sterling Bancorp’s stock price declined 21% to close at $7.99 per share.