BRBS - Kirby McInerney LLP Announces Investigation of Shareholder Claims Against Blue Ridge Bankshares Inc. (BRBS)
The law firm of Kirby McInerney LLP is investigating potential claims against Blue Ridge Bankshares, Inc. (“Blue Ridge” or the “Company”) (NYSE: BRBS ). The investigation concerns whether Blue Ridge and/or certain of its officers have violated the federal securities laws and/or engaged in other unlawful business practices.
On October 31, 2023, Blue Ridge disclosed in a filing with the U.S. Securities and Exchange Commission (“SEC”) that its management and the audit committee of its Board of Directors determined that certain specialty finance loans were reported incorrectly in the Company’s prior financial statements with the SEC. Accordingly, Blue Ridge announced that the Company’s 2022 annual report on Form 10-K and unaudited interim financial statements included in the Company’s 1Q and 2Q quarterly reports on Form 10-Q should no longer be relied upon and would be restated. Blue Ridge further advised that the adjustments included in the forthcoming restatements will result in lower reported net income and earnings per share in the 2022 fiscal year 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, the price of Blue Ridge shares declined by $1.06 per share, or approximately 33.65%, from $3.15 per share to close at $2.09 on November 1, 2023.
If you purchased or otherwise acquired Blue Ridge securities, have information, or would like to learn more about this investigation, please contact Thomas W. Elrod of Kirby McInerney LLP by email at investigations@kmllp.com , or by filling out this contact form , to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website: https://www.kmllp.com .
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Kirby McInerney LLP
Thomas W. Elrod, Esq.
212-699-1180
https://www.kmllp.com
investigations@kmllp.com