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Ryan & Maniskas, LLP Announces Class Action Lawsuit Against Suffolk Bancorp

^{Published on 2011-10-28 19:42:08 - Market Wire}
 

WAYNE, Pa.--([ BUSINESS WIRE ])--Ryan & Maniskas, LLP ([ www.rmclasslaw.com/cases/subk ]) announces that a class action lawsuit has been filed in the United States District Court for the Eastern District of New York on behalf of purchasers of Suffolk Bancorp ("Suffolk" or the "Company") (NASDAQ: SUBK) common stock who purchased shares between March 12, 2010 and August 10, 2011, inclusive (the "Class Period").

For more information regarding this class action suit, please contact Ryan & Maniskas, LLP (Richard A. Maniskas, Esquire) toll-free at (877) 316-3218 or by email at [ rmaniskas@rmclasslaw.com ] or visit: [ www.rmclasslaw.com/cases/subk ].

The complaint charges that Suffolk and certain of its officers and directors violated federal securities laws. Specifically, the complaint alleges that defendants failed to disclose the following: (1) that the Company's financial results were artificially inflated due to the material understatement of Suffolk's loan loss reserves; (2) that the Company's financial results were artificially inflated due to a failure to recognize its impaired assets; (3) that the Company's internal and disclosure controls were materially deficient; and (4) 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, Suffolk announced its inability to file its quarterly results with the SEC on Form 10-Q. In addition, the Audit Committee concluded that Suffolk's 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's Annual Report on Form 10-K and Quarterly Report on Form 10-Q, respectively, should no longer be relied upon. On this news, Suffolk stock fell over 11.3%, closing at $9.16 per share.

If you are a member of the class, you may, no later than December 19, 2011, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Ryan & Maniskas, LLP or other counsel of your choice, to serve as your counsel in this action.

For more information about the case or to participate online, please visit: [ www.rmclasslaw.com/cases/subk ] or contact Richard A. Maniskas, Esquire toll-free at (877) 316-3218, or by e-mail at [ rmaniskas@rmclasslaw.com ]. For more information about class action cases in general or to learn more about Ryan & Maniskas, LLP, please visit our website: [ www.rmclasslaw.com ].

Ryan & Maniskas, LLP is a national shareholder litigation firm. Ryan & Maniskas, LLP is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide.