Robbins Umeda LLP Announces an Investigation of Hampton Roads Bankshares, Inc.
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 Hampton Roads Bankshares, Inc. (NASDAQ: HMPR). Hampton Roads Bankshares operates as the holding company for the Bank of Hampton Roads and Shore Bank, which provides individual and commercial banking services. The company’s banking branches and business offices are located in North Carolina, Maryland, and Virginia. The company was founded in 1961, and is headquartered in Norfolk, Virginia.
Robbins Umeda LLP is investigating whether officers and directors of Hampton Roads Bankshares breached their fiduciary duties to shareholders by causing or permitting the company to inaccurately record its allowance for loan losses and tax asset valuation.
On May 16, 2011, Hampton Roads Bankshares filed a Form 10-Q which revealed that the Securities and Exchange Commission Division of Enforcement notified the company that it was conducting a formal investigation into the company’s provisions and allowances for loan losses and deferred tax asset valuation allowances contained in its annual and quarterly reports for fiscal years 2008 through 2010. The company stated that the investigation could possibly result in penalties, sanctions, or a restatement of its previously issued financial statements.
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