Sterling Bancorp Says SEC Concluded Investigation; SEC Does Not Intend To Recommend Enforcement Action Against Company
Portfolio Pulse from Benzinga Newsdesk
Sterling Bancorp has announced that the SEC has concluded its investigation into the company's accounting, financial reporting, disclosure matters, and internal controls related to the terminated Advantage Loan Program. The SEC does not intend to recommend enforcement action against the company.
June 22, 2023 | 8:21 pm
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POSITIVE IMPACT
The SEC has concluded its investigation into Sterling Bancorp's accounting and disclosure matters, with no enforcement action recommended, potentially relieving pressure on the company's stock.
The conclusion of the SEC investigation without recommending enforcement action removes a significant overhang on Sterling Bancorp's stock. This news is likely to be viewed positively by investors, as it reduces the risk of potential penalties or reputational damage, which could have negatively impacted the stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100