IRVINE, CA / ACCESSWIRE / November 3, 2016 / Khang & Khang LLP (the "Firm") announces a class action lawsuit against Opus Bank ("Opus Bank" or the "Company") (OPB). Investors, who purchased or otherwise acquired shares between July 28, 2014 and October 17, 2016 inclusive (the "Class Period"), are encouraged to contact the Firm in advance of the December 27, 2016 lead plaintiff motion deadline.

If you purchased shares of Opus Bank during the Class Period, please contact Joon M. Khang, Esquire, of Khang & Khang, 18101 Von Karman Avenue, 3rd Floor, Irvine, CA 92612, by telephone: (949) 419-3834, or by e-mail at joon@khanglaw.com.

There has been no class certification in this case. Until certification occurs, you are not represented by an attorney. You may choose to take no action and remain a passive class member.

The complaint alleges that throughout the Class Period, Opus Bank made false and/or misleading statements and/or failed to disclose: that some of its loans were of low quality; that Opus Bank was over-representing the quality of the loans to the public; that the Company failed to properly account for the loans in violation of the Generally Accepted Accounting Principles ("GAAP"); that the Company would be forced to recognize large charge-offs associated with the loans; that Opus Bank lacked adequate internal controls over accounting and financial reporting; and that as a result of the above, the Company's statements about its business, operations and prospects were false and misleading and/or lacked a reasonable basis. On October 17, 2016, Opus Bank announced its earnings for the third quarter 2016 and disclosed that the Company recognized charge-offs on eight loan relationships through the allowance for loan losses at September 30, 2016. When this information was disclosed to the public, shares of Opus Bank dropped in value.

If you wish to learn more about this lawsuit at no charge, or if you have questions concerning this notice or your rights, please contact Joon M. Khang, a prominent litigator for almost two decades, by telephone: (949) 419-3834, or by e-mail at joon@khanglaw.com.

This press release may constitute Attorney Advertising in some jurisdictions.

Contacts

Joon M. Khang, Esq.
Telephone: 949-419-3834
Facsimile: 949-225-4474
joon@khanglaw.com

SOURCE: Khang & Khang LLP