Suffolk Bancorp SUBK Securities Fraud

October 24 2011 - by Lucy Campbell

Company:	Suffolk Bancorp
Ticker Symbol:	SUBK
Class Period:	Mar-12-10 to Aug-10-11
Date Filed:	Oct-20-11
Lead Plaintiff Deadline:	Dec-19-11
Court:	Eastern District of New York
Allegations:

New York, NY: A securities class action has been commenced in the United States District Court for the Eastern District of New York on behalf of purchasers of the common stock of Suffolk Bancorp ("uffolk"or the "Company") (Nasdaq: SUBK) between March 12, 2010 and August 10, 2011, inclusive (the "Class Period"). The complaint charges Suffolk and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Suffolk is a bank holding company with one direct wholly-owned subsidiary, Suffolk County National Bank (the "Bank"), a nationally chartered commercial bank that operates 30 full-service offices throughout Suffolk County, New York. The Company maintains its headquarters in Riverhead, New York.

The complaint alleges that, during the Class Period, defendants issued materially false and misleading statements regarding the Company' business and prospects. Specifically, defendants misrepresented and/or failed to disclose the following adverse facts: (i) that the Company' financial results were artificially inflated due to the material understatement of Suffolk' loan loss reserves; (ii) that the Company' financial results were artificially inflated due to a failure to recognize its impaired assets; (iii) that the Company' internal and disclosure controls were materially deficient; and (iv) that, based on the foregoing, defendants lacked a reasonable basis for their positive statements about the Company, its prospects and growth.

On August 10, 2011, the Company issued a press release announcing its inability to file its quarterly results with the SEC on Form 10-Q and reporting its expected results for the quarter ended June 30, 2011. In addition, on that date, the Audit Committee of the Company' Board of Directors concluded that Suffolk' previously issued financial statements as of and for the year ended December 31, 2010, the quarter ended December 31, 2010 and the quarter ended September 30, 2010, as reported in Suffolk' Annual Report on Form 10-K and Quarterly Report on Form 10-Q, respectively, "should no longer be relied upon due to an understatement of its allowance for loan losses in such periods."As a result of these disclosures, the price of Suffolk stock declined more than 11.3%, closing at $9.16 per share on August 10, 2011.

If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.

Suffolk Bancorp SUBK Securities Fraud Legal Help

If you have suffered from financial losses, you may qualify for damages or remedies that may be awarded in a possible Suffolk Bancorp securities class action lawsuit. Please fill in our form on the right to submit your complaint for a free evaluation.