Bank OZK Accused of Making Materially False and Misleading Statements

According to the filed complaint class action complaint against the company's officers and directors for alleged violations of the Securities Exchange Act of 1934 between February 6, 2016 and October 18, 2018, during the relevant period defendants failed to disclose to investors that certain of the company's loans posed an increased risk, i.e., that certain substandard loans were reasonably likely to lead to charge-offs. On October 18, 2018, Bank OZK announced its third quarter 2018 financial results, which included a charge-off of $45.5 million on two Real Estate Specialties Group credits, which had previously been classified as substandard. On this news, Bank OZK's stock price dropped more than 26% to close at $25.52 per share on October 19, 2018.

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