On March 4, 2013, Chimicles & Tikellis LLP, on behalf of Lead Plaintiff Southeastern Pennsylvania Transportation Authority (“SEPTA”), filed a 180-page Amended Complaint which asserts additional factual allegations in further support of SEPTA’s claims that Orrstown Financial Services, Inc., Orrstown Bank and certain of the Bank’s officers and directors (collectively “Orrstown”) violated federal securities laws by making false and misleading statements. These actionable statements appeared in the Registration Statement and Prospectus issued in connection with Orrstown’s March 2010 common stock offering and throughout the Class Period. The Amended Complaint expands the Class Period to run from March 15, 2010 through April 5, 2012. Also, based upon Chimicles & Tikellis’ ongoing investigation, the Amended Complaint now names additional defendants: the Bank’s former Chief Operating Officer Jeffrey W. Embly; the underwriters in the common stock offering Sandler O’Neill and Partners, L.P. and Janney Montgomery Scott LLC; and Orrstown’s independent auditor Smith Elliott Kearns & Company. The defendants have 60 days to respond to the Amended Complaint but the timing of the response may be modified depending upon the case management schedule that the Court orders.
SEPTA’s Amended Complaint is available for review on the United States District Court for the Middle District of Pennsylvania’s website and also at the link below.
If you are interested in discussing your rights as an Orrstown shareholder and/or have information relating to the matter, please contact the attorneys listed below.