secwatch.observer — SEC 8-K summary
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Issuer:     ORRSTOWN FINANCIAL SERVICES INC (ORRF)
CIK:        0000826154
Form:       8-K
Filed at:   2022-12-13T23:59:59+00:00
Accession:  0000826154-22-000188
Event type: litigation
Sentiment:  negative
Materiality: 0.60
Item codes: 1.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/826154/000082615422000188/0000826154-22-000188-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/826154/000082615422000188/orrf-20221207.htm
  HTML page:      https://secwatch.observer/filing/0000826154-22-000188

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer