SEATTLE, June 13, 2024 /PRNewswire/ — On August 16, 2022, the United States Securities and Exchange Commission (the “SEC”) issued an order against Eagle Bancorp, Inc. (“Eagle”) concerning material misstatements and omissions about related party loans that Eagle’s principal subsidiary, EagleBank, extended to family trusts affiliated with Eagle’s former Chairman, CEO, and President, Ronald D. Paul (“Paul”), and to other related parties. From March 2015, through April 2018, Eagle failed to disclose these loans in the annual reports and proxy statements that it filed with the SEC. Eagle and Paul also made false statements regarding the nature of the loans in two press releases.
The SEC ordered Eagle to pay $13,350,493 to a Fair Fund established for the benefit of harmed investors. An additional $431,216 collected from a related matter, SEC v. Ronald D. Paul, 1:22-cv-06985 (S.D.N.Y.), and accrued interest were also added to the Fair Fund. The SEC has appointed JND Legal Administration as the Fund Administrator to distribute the Fair Fund to harmed investors.
If you purchased or acquired shares of Eagle Bancorp common stock traded under the symbol EGBN between March 2, 2015, and July 17, 2019, inclusive, and suffered losses you may be eligible for a payment. If you submitted a claim in the related securities class action, Shiva Stein v. Eagle Bancorp, Inc., et al., Case No 1:19-cv-06873-LGS filed in the United States District Court for the Southern District of New York (the “Class Action”), then you should read the Plan Notice and Plan of Distribution carefully to learn how to participate in the Fair Fund distribution.
If you did not submit a claim in the related Class Action, then to be considered for a Distribution Payment, you must submit a completed and signed Claim Form along with all required supporting documentation, to the Fund Administrator by 11:59 p.m. ET on October 1, 2024. Investors who did not suffer a loss on their investment in Eagle Bancorp common stock are not eligible to receive a payment. The Claim Form is available at the Eagle Bancorp Fair Fund website www.EagleBancorpFairFund.com. Electronic claim submission is strongly encouraged and can be done through the Fair Fund website. Please refer to the Plan Notice for instructions on how to submit your claim by mail.
Additional information regarding the Fair Fund, including the Plan of Distribution and other materials, is available at the Fair Fund website, or by contacting the Fund Administrator toll‑free at 1‑888‑995-0214, by email at [email protected], or by writing to the above address. Please check the Fair Fund website frequently for updates.
SOURCE JND Legal Administration
