SOURCE: Dyer & Berens LLP

Dyer & Berens LLP

November 08, 2011 10:55 ET

Dyer & Berens LLP Files Class Action Lawsuit on Behalf of Investors Who Purchased Suffolk Bancorp Common Stock between 3/12/10 and 8/10/11; Announces Investor Deadline (SUBK)

DENVER, CO--(Marketwire - Nov 8, 2011) - Dyer & Berens LLP (www.DyerBerens.com) today 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 (the "Company") (NASDAQ: SUBK) between March 12, 2010 and August 10, 2011, inclusive (the "Class Period").

What actions may I take at this time? If you purchased shares during the Class Period and wish to serve as a lead plaintiff, you must request appointment by the court no later than December 19, 2011. If you would like to discuss this action, the lead plaintiff process, or have any questions concerning this notice, please contact plaintiff's counsel, Jeffrey A. Berens, Esq. at (888) 300-3362 x302 or via email at jeff@dyerberens.com.

What are the allegations in the complaint? 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: (i) that the Company's financial results were artificially inflated due to the material understatement of Suffolk's loan loss reserves; (ii) that the Company's financial results were artificially inflated due to a failure to recognize its impaired assets; (iii) that the Company's internal and disclosure controls were materially deficient; and (iv) that, based on the foregoing, defendants lacked a reasonable basis for their positive statements about the Company, its prospects and growth.

On August 10, 2011, the Company issued a press release announcing its inability to file its quarterly results with the SEC on Form 10-Q and reporting its expected results for the quarter ended June 30, 2011. In addition, on that date, the Audit Committee of the Company's Board of Directors 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, "should no longer be relied upon due to an understatement of its allowance for loan losses in such periods." As a result of these disclosures, the price of Suffolk stock declined more than 11%, closing at $9.16 per share. Based upon the foregoing, the complaint charges the Company and certain of its officers with violations of the Securities Exchange Act of 1934.

About Dyer & Berens LLP. The plaintiff is represented by Dyer & Berens LLP. The firm's extensive experience in securities litigation, particularly in cases brought under the Private Securities Litigation Reform Act, has contributed to the recovery of hundreds of millions of dollars for aggrieved investors.

Contact Information

  • Contact:

    Jeffrey A. Berens
    Dyer & Berens LLP
    303 East 17th Avenue, Suite 300
    Denver, CO 80203
    Tel: (888) 300-3362 x302
    Email: Email Contact
    Website: www.DyerBerens.com