NEW YORK, Nov. 13, 2023 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, is investigating potential claims against Blue Ridge Bankshares, Inc. (“Blue Ridge” or the “Company”) (NYSE American: BRBS) on behalf of Blue Ridge stockholders. Our investigation concerns whether Blue Ridge has violated the federal securities laws and/or engaged in other unlawful business practices.
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On October 31, 2023, Blue Ridge disclosed in a filing with the U.S. Securities and Exchange Commission that its management "and the Audit Committee of its Board of Directors, after consultation with the Company's independent registered public accounting firm and its primary regulator, determined that certain specialty finance loans that, as previously disclosed, were placed on nonaccrual, reserved for, or charged off in the interim periods ended March 31, 2023 and June 30, 2023 should have been reported as nonaccrual, reserved for, or charged off in earlier periods." Accordingly, Blue Ridge advised that its "audited financial statements included in the Company's annual report on Form 10-K for the year ended December 31, 2022, and unaudited interim financial statements included in quarterly reports on Form 10-Q for the quarters ended March 31, 2023 and June 30, 2023 should no longer be relied upon and will be restated." Blue Ridge further advised that "[t]he effect of the adjustments will result in", among other revisions, "lower net income and earnings per share in the year ended December 31, 2022," and "that a material weakness existed in the timely risk grading, nonaccrual status, and, thus, in the determination of the adequacy of the allowance for credit losses for the specialty finance portfolio of loans[.]"
On this news, Blue Ridge's stock price fell $1.06 per share, or 33.65%, to close at $2.09 per share on November 1, 2023.
If you purchased or otherwise acquired Blue Ridge shares and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Marion Passmore by email at investigations@bespc.com, by telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York and California. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact Information:
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Marion Passmore, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com
