Horizon Bank Beats Investor Suit Over Expansion Accounting Lapse

Horizon Bancorp Inc., the holding company for Horizon Bank, trounced allegations that it misled investors over its alleged deficient internal financial controls after rapidly expanding across the Midwest.

Lead plaintiff and investor Chad Key failed to sufficiently identify any materially misleading statements concerning accounting oversight, regardless of whether Horizon’s internal controls were faulty, Judge Brian M. Cogan said April 4 for the US District Court for the Eastern District of New York.

Based on Key’s allegations, top brass appeared unaware of failures, Cogan said, granting Horizon’s motion to dismiss his amended proposed class action complaint. If that’s taken ...