The Law Offices of Frank R. Cruz announces an investigation of Fulton Financial Corporation (“Fulton” or the “Company”) (NASDAQ: FULT) on behalf of investors concerning the Company’s possible violations of federal securities laws.
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On September 28, 2020, the U.S. Securities and Exchange Commission (“SEC”) announced that Fulton had been charged with accounting and disclosure violations. Specifically, the SEC stated that, in two quarters in which Fulton was on track to meet or beat analyst consensus EPS estimates, Fulton included a valuation allowance that “was at odds” with its reported methodology. Then, in mid-2017, “Fulton belatedly reversed the valuation allowance, increasing its EPS by a penny in a quarter when it otherwise would have fallen short of consensus estimates.”
On this news, the Company’s share price fell sharply during intraday trading on September 29, 2020.