Horizon Bancorp Faces Class Action Over Internal Accounting

Horizon Bancorp Inc., the holding company for Horizon Bank, has been sued over allegedly deficient internal accounting controls that caused financial restatements and prevented timely filings.

Investor Chad Key filed the class-action complaint in the US District Court for the Eastern District of New York on Thursday. He alleges the company’s accounting controls led to misclassifications of its loan balances and securities that resulted in erroneous financial statements. The financial statements were allegedly reissued with corrections and hindered the company’s ability to file its 2022 report on time.

The proposed class includes those who bought Horizon securities between March 9, ...