NEW YORK, Dec. 29, 2023 (GLOBE NEWSWIRE) -- The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Eastern District of New York on behalf of those who acquired Blue Ridge Bankshares, Inc. (“Blue Ridge” or the “Company”) (NYSE: BRBS) securities during the period from March 10, 2023 through October 31, 2023, inclusive. Investors have until February 5, 2024 to apply to the Court to be appointed as lead plaintiff in the lawsuit.

On October 31, 2023, Blue Ridge filed with the U.S. Securities and Exchange Commission a current report on Form 8-K announcing it would need to restate its consolidated financial statements for its 2022 Annual Report, and the first two quarters of 2023. Among other items, the Company disclosed that certain specialty finance loans that were placed on nonaccrual were misreported. On this news, the price of Blue Ridge shares declined by $1.06 per share, or approximately 33.65%, from $3.15 per share to close at $2.09 on November 1, 2023.

The lawsuit alleges that, throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose that: (i) Blue Ridge’s financial statements from March 10, 2023 to the present included certain errors; (ii) as a result, Blue Ridge would need to restate its previously filed financial statements from March 10, 2023 to October 31, 2023; and (iii) as a result, Defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all times.

If you purchased or otherwise acquired Blue Ridge securities, have information, or would like to learn more about this lawsuit and how it might affect your rights, please contact Thomas W. Elrod of Kirby McInerney LLP by email at investigations@kmllp.com, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.

Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website: https://www.kmllp.com.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Contacts
Kirby McInerney LLP
Thomas W. Elrod, Esq.
212-699-1180
https://www.kmllp.com
investigations@kmllp.com

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