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News For ORRF From The Last 14 Days
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July 27, 2015
13:04 EDTORRFOrrstown Financial discloses SEC fact-finding inquiry
In a regulatory filing, Orrstown Financial Services disclosed that on July 22, Southeastern Pennsylvania Transportation Authority, or SEPTA, filed a motion for leave to amend its previously disclosed complaint against Orrstown. The company stated in the filing: "Many of the allegations of the proposed second amended complaint are essentially the same or similar to the allegations of the dismissed amended complaint. The proposed second amended complaint also alleges that the Registrant did not publicly disclose certain alleged failures of its internal controls over loan underwriting, risk management, and financial reporting during the period 2009 to 2012, in violation of the federal securities laws. The allegations of SEPTAs proposed second amended complaint disclose the existence of a confidential, non-public, fact-finding inquiry regarding the Registrant being conducted by the Securities and Exchange Commission. The SEC inquiry is not an indication that the SEC believes the Registrant or anyone else has violated federal securities laws or regulations. Nor does it mean that the SEC has a negative opinion of any person, entity, or security. The investigation is ongoing and the Registrant has been cooperating fully with the SEC."
July 22, 2015
16:11 EDTORRFOrrstown Financial reports Q2 EPS 18c, consensus 21c
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