SOURCE: Bronstein, Gewirtz & Grossman, LLC

October 31, 2011 08:00 ET

Bronstein, Gewirtz & Grossman, LLC Announces Class Action Against Suffolk Bancorp

NEW YORK, NY--(Marketwire - Oct 31, 2011) - Bronstein, Gewirtz & Grossman, LLC announces 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") (NASDAQ: SUBK) common stock who purchased shares between March 12, 2010 and August 10, 2011, inclusive (the "Class Period").

The Complaint alleges that Suffolk and certain of its officers and directors violated federal securities laws by failing to disclose the following: (i) Suffolk's financial results were artificially inflated due to the material understatement of Suffolk's loan loss reserves; (ii) Suffolk's financial results were artificially inflated due to a failure to recognize its impaired assets; (iii) Suffolk's internal and disclosure controls were materially deficient; and (iv) defendants lacked a reasonable basis for their positive statements about Suffolk.

On August 10, 2011, Suffolk announced its inability to file its quarterly results with the SEC on Form 10-Q. Also the Company's Audit Committee concluded that Suffolk's previously issued financial statements as of and for the year ended December 31, 2010, the quarter ended December 31, 2010 and the quarter ended September 30, 2010, as reported in Suffolk's Form 10-K and Quarterly Report on Form 10-Q, respectively, should no longer be relied upon. On this news, Suffolk stock fell over 11.3%, closing at $9.16 per share.

No Class has yet been certified in the above action. If you wish to review a copy of the Complaint, to discuss this action, or have any questions, please contact either Peretz Bronstein or Eitan Kimelman of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email eitan@bgandg.com. Those who inquire by e-mail are encouraged to include their mailing address and telephone number. December 19, 2011 is the deadline for investors to seek a lead plaintiff appointment.

Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of both class and individual litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate work, litigation and securities arbitration.

Contact Information

  • Peretz Bronstein
    Eitan Kimelman
    Bronstein, Gewirtz & Grossman, LLC
    212-697-6484
    Email Contact