NEW YORK, NY / ACCESSWIRE / November 12, 2024 / Pomerantz LLP is investigating claims on behalf of investors of First Northwest Bancorp ("FNWB" or the "Company") (NASDAQ:FNWB). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.
The investigation concerns whether FNWB and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On October 25, 2024, FNWB disclosed that its second quarter 2024 financial results should no longer be relied upon due to an additional $6.6 million in charge-offs and increased provision on consumer loans, resulting in a total restated provision for credit losses on loans of $8.7 million. FNWB also stated that a material weakness in the Company's internal control over financial reporting existed as of June 30, 2024.
On this news, FNWB's stock price fell $0.23 per share, or 2.2%, to close at $10.13 per share on October 28, 2024.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
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SOURCE: Pomerantz LLP