Horizon Bancorp, Inc. (HBNC)
Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of Horizon Bancorp, Inc. (“Horizon” or the “Company”) (NASDAQ: HBNC). Investors who purchased Horizon securities are encouraged to obtain additional information and assist the investigation.
The investigation concerns whether Horizon has violated federal securities laws.
On March 10, 2023, after trading hours, Horizon filed a current report on Form 8-K as well as a late filing notice with the Securities & Exchange Commission (“SEC”), announcing receipt of a notice from NASDAQ as a result of failing to timely file its annual report, as well as disclosing that it had identified material weaknesses in its internal controls. Specifically, the material weakness related to “(i) accounting revisions of previously issued financial statements with respect to the classification of sold commercial loan participation balances, the reporting of indirect loan dealer reserve asset balances and related amortization expense and the classification of certain available for sale and held to maturity securities from private labeled mortgage-backed pools to federal agency mortgage pool, which revisions were previously disclosed in the Earnings Release and the Company's Form 10-Q filings during 2022, in addition to errors in previously issued financial statement disclosures relating to the transfer of available for sale to held to maturity securities and the cash flow classification of repurchases of outstanding stock from an investing activity to a financing activity, which will be disclosed for the first time in the 2022 Form 10-K, and (ii) a calculation error in the Company's public float as noted above.” On this news, Horizon’s stock price fell $1.43 per share, or 10.96%, to close at $11.62 per share on March 13, 2023.
If you are aware of any facts relating to this investigation or purchased Horizon shares, you can assist this investigation. You can also contact Peretz Bronstein or his Law Clerk and Client Relations Manager, Yael Nathanson of Bronstein, Gewirtz & Grossman, LLC: 212-697-6484.
Bronstein, Gewirtz & Grossman, LLC represents investors in securities fraud class actions and shareholder derivative suits. The firm has recovered hundreds of millions of dollars for investors nationwide. Attorney advertising. Prior results do not guarantee similar outcomes.