Robbins Umeda LLP Announces an Investigation of Suffolk Bancorp for Shareholders
Robbins Umeda LLP, a shareholder rights litigation firm, has commenced an investigation into possible breaches of fiduciary duty and other violations of the law by certain officers and directors at Suffolk Bancorp (NASDAQGS: SUBK). Suffolk Bancorp operates as the holding company for Suffolk County National Bank that provides domestic, retail, and commercial banking services to small and medium-sized commercial enterprises, professionals, and individual consumers in Suffolk County, New York. The company was established in 1890 and is headquartered in Riverhead, New York.
Robbins Umeda LLP’s investigation focuses on whether the directors and officers of Suffolk Bancorp harmed the company by breaching their fiduciary duties to shareholders by causing or permitting the company to issue false and/or misleading financial statements.
On May 11, 2011, Suffolk Bancorp announced it will not file its Form 10-Q for the period ended March 31, 2011, within the prescribed time. In preparing its Form 10-Q, management identified possible deficiencies and/or weaknesses in the company’s internal controls with respect to credit administration and credit risk management, primarily with respect to the timing of the recognition of credit risk, as well as with regard to risk rating, which affected the computation of the allowance for loan losses. Trading in the company’s stock is currently halted as a result.
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