San Diego, CA -- (SBWIRE) -- 01/08/2024 -- An investor, who purchased shares of Blue Ridge Bankshares, Inc. (NYSE: BRBS), filed a lawsuit against Blue Ridge Bankshares, Inc over alleged violations of Federal Securities Laws.

Investors who purchased shares of Blue Ridge Bankshares, Inc. (NYSE: BRBS) have certain options and for certain investors are short and strict deadlines running. Deadline: February 5, 2024. NYSE: BRBS investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

Charlottesville, VA based Blue Ridge Bankshares, Inc. operates as a bank holding company for the Blue Ridge Bank, National Association that provides commercial and consumer banking, and financial services. On October 31, 2023, after market hours, Blue Ridge Bankshares, Inc. disclosed 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." Further, Blue Ridge Bankshares, Inc. advised that, in part, "[t]he effect of the adjustments will result in lower net income and earnings per share in the year ended December 31, 2022".

On October 31, 2023, Blue Ridge Bankshares, Inc. disclosed 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." Further, Blue Ridge Bankshares advised that, in part, "[t]he effect of the adjustments will result in lower net income and earnings per share in the year ended December 31, 2022".

Shares of Blue Ridge Bankshares, Inc. (NYSE: BRBS) declined from $13.95 per share in December 13, 2022, to as low as $2.0491 per share on November 03, 2023.

The plaintiff claims that between March 10, 2023 and October 31, 2023, the defendants made materially false and/or misleading statements and/or failed to disclose that Blue Ridge Bankshares, Inc.'s financial statements from March 10, 2023 to the present included certain errors, that as a result, Blue Ridge Bankshares would need to restate its previously filed financial statements from March 10, 2023 to October 31, 2023, and that as a result, Defendants' statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all times. When the true details entered the market, the lawsuit claims that investors suffered damages.

Those who purchased shares of Blue Ridge Bankshares, Inc. (NYSE: BRBS) have certain options and should contact the Shareholders Foundation.

About The Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com