Blue Ridge Bankshares, Inc. (NYSE: BRBS)

This lawsuit is for anyone who acquired securities in Blue Ridge Bankshares, Inc. (NYSE: BRBS) from March 10, 2023 through October 31, 2023.

The lawsuit alleges that the Company and certain of its executives violated federal law. Specifically, the lawsuit alleges that, throughout the time period mentioned above, the Company misled investors regarding its financial condition. More specifically, the lawsuit alleges that the Company misled investors by telling investors that the Company had in place sufficient controls to assure proper accounting but then by failing to timely write off loans that were no longer collectable resulting in an overstatement of income.

On October 31, 2023, Blue Ridge disclosed that it had “determined that certain specialty finance loans that, as previously disclosed, were placed on nonaccrual, reserved for, or charged off in the interim periods ended March 31, 2023 and June 30, 2023 should have been reported as nonaccrual, reserved for, or charged off in earlier periods,” and that its “audited financial statements included in the Company’s annual report on Form 10-K for the year ended December 31, 2022, and unaudited interim financial statements included in quarterly reports on Form 10-Q for the quarters ended March 31, 2023 and June 30, 2023 should no longer be relied upon and will be restated.” The Company further disclosed that the restatements will result in “lower net income and earnings per share” and “that a material weakness existed in the timely risk grading, nonaccrual status, and, thus, in the determination of the adequacy of the allowance for credit losses for the specialty finance portfolio of loans[.]” On this news, the price of the Company’s stock dropped precipitously on unusually heavy trading volume.

The Law Offices of Howard G. Smith seeks to recover damages on behalf of class members. If you acquired securities in Blue Ridge Bankshares, Inc. (NYSE: BRBS) from March 10, 2023 through October 31, 2023 you may join the lawsuit by submitting your information online, or you may call the Law Offices of Howard G. Smith and speak to Mr. Smith directly to learn how he can protect your rights.