Blue Ridge Bankshares, Inc.
Investors that purchased the Company’s securities and have suffered a loss, please fill in transaction information below, or email to info@portnoylaw.com.
There is no cost or obligation associated with submitting your information. If you are a shareholder who suffered a loss, please submit your contact information and purchase information to participate in the putative class action.
We also encourage you to contact Lesley F. Portnoy of The Portnoy Law Firm, at 310.692.8883, to discuss your rights free of charge. You can also reach us through the firm’s website at www.portnoylaw.com, or by email at info@portnoylaw.com.
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CONTACT:
Portnoy Law Firm
Lesley F. Portnoy, Esq.,
www.portnoylaw.com
Office: 310.692.8883
1800 Century Park East, Suite 600
Los Angeles, CA 90067
info@portnoylaw.com
On October 31, 2023, Blue Ridge Bankshares announced in a filing with the U.S. Securities and Exchange Commission a significant revision in its financial reporting. The company’s management and its Audit Committee, after discussions with its independent accounting firm and primary regulator, acknowledged that certain specialty finance loans, previously marked as nonaccrual, reserved for, or charged off in the interim periods ending March 31, 2023, and June 30, 2023, should have been classified as such in earlier periods. Consequently, Blue Ridge stated that its audited financial statements for the year ended December 31, 2022, and its unaudited interim financial statements for the quarters ended March 31, 2023, and June 30, 2023, should not be relied upon and would require restatement.
This restatement is expected to result in lower net income and earnings per share for the year ended December 31, 2022. Blue Ridge also admitted to a material weakness in the timely risk grading and nonaccrual status of its specialty finance loan portfolio, impacting the adequacy of its allowance for credit losses.
Following this disclosure, Blue Ridge’s stock price experienced a significant drop, falling $1.06 per share or 33.65%, closing at $2.09 per share on November 1, 2023.
