Coughlin Stoia Geller Rudman & Robbins LLP
Files Class Action Suit Against Smithtown
Bancorp, Inc.
February 25, 2010 06:32 PM Eastern Time
NEW YORK--(EON: Enhanced Online News)--Coughlin Stoia Geller Rudman & Robbins LLP (“Coughlin Stoia”)
(http://www.csgrr.com/cases/smithtown/) today announced that a class action has been commenced on behalf of an
institutional investor in the United States District Court for the Eastern District of New York on behalf of purchasers
of the common stock of Smithtown Bancorp, Inc. (“SBI” or the “Company”) (NASDAQ:SMTB) between March
13, 2008 and February 1, 2010, inclusive (the “Class Period”), seeking to pursue remedies under the Securities
Exchange Act of 1934 (the “Exchange Act”).
If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from today. If you wish to
discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff’s
counsel, Samuel H. Rudman or David A. Rosenfeld of Coughlin Stoia at 800/449-4900 or 619/231-1058, or via e-
mail at djr@csgrr.com. If you are a member of this Class, you can view a copy of the complaint as filed or join this
class action online at http://www.csgrr.com/cases/smithtown/. Any member of the putative class may move the Court
to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class
member.
The complaint charges SBI and certain of its officers and executives with violations of the Exchange Act. SBI is a
bank holding company, and through its subsidiaries engages in a full range of commercial and consumer banking
services.
The complaint alleges that, throughout the Class Period, defendants failed to disclose material adverse facts about
the Company’s true financial condition, business and prospects. Specifically, the complaint alleges that defendants
failed to disclose: (i) that the Company’s financial results were artificially inflated due to SBI’s material
understatement o