NEW YORK, March 15, 2023 (GLOBE NEWSWIRE) — WHY: Rosen Law Firm, a global investor rights law firm, announces an investigation into potential securities claims on behalf of shareholders of Horizon Bancorp, Inc. HBNC based on allegations that Horizon Bank has disclosed potentially materially misleading business information to the investing public.

SO WHAT: If you have purchased Horizon Bank securities, you may be entitled to compensation without payment of expenses or costs through a contingency fee arrangement. Law firm Rosen is preparing a class action lawsuit to recover investor losses.

WHAT TO DO NEXT: To participate in the prospective class action lawsuit, go to https://rosenlegal.com/submit-form/?case_id=12953 or call Phillip Kim, Esq. toll free at 866-767-3653 or by email pkim@rosenlegal.com or cases@rosenlegal.com for information about the Class Action.

WHAT IS THIS ABOUT: On March 10, 2023, after the close of trading, Horizon Bank filed a Current Report on Form 8-K and a Notice of Late Filing with the Securities & Exchange Commission (“SEC”). In those filings, it disclosed that it had received a notice from NASDAQ for failing to file its annual report on a timely basis and that it had identified material weaknesses in its internal controls.

In particular, the significant internal control weaknesses related to “(i) accounting revisions of previously published financial statements in relation to the classification of investment balances in commercial loans sold, the reporting of indirect loan dealer reserve assets and related amortization costs, and the classification of certain held for sale available and held-to-maturity securities from privately designated mortgage-backed pools to the federal agency’s mortgage pool, revisions to which were previously disclosed in the Company’s 2022 earnings statement and Form 10-Q filings, in addition to errors in prior disclosures to the financial statements in relation to the transfer of available-for-sale to held-to-maturity…