Orrstown settles shareholder class action for $15M; company contributes $13M

ORRSTOWN FINANCIAL SERVICES INC

Settlement resolves securities class action filed in 2012; Orrstown pays $13M of the $15M total.
Claims involved alleged false statements on loan portfolio and internal controls; no admission of wrongdoing.
Class period: March 15, 2010 to April 26, 2012; settlement requires preliminary and final court approval.
Company settled to avoid cost, risks, and distraction of continued litigation.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

ORRSTOWN FINANCIAL SERVICES INC entered into Stipulation and Agreement of Settlement valued at $15.0 million (effective 2022-12-07).

Action: entry
Agreement: settlement
Value: $15.0 million
Effective: 2022-12-07

Exact text from the filing

On December 7, 2022, Orrstown Financial Services, Inc. (the “Company”) entered into a Stipulation and Agreement of Settlement (the “Stipulation”) to settle and resolve the previously disclosed shareholder class action lawsuit

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ORRSTOWN FINANCIAL SERVICES INC filing history →

Source: SEC EDGAR

accession 0000826154-22-000188

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