San Diego, CA -- (SBWire) -- 01/19/2018 --An investigation was announced for investors in NYSE:BANC shares over potential securities laws violations by Banc of California Inc.
Investors who purchased shares of Banc of California Inc (NYSE:BANC), have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm focuses on whether a series of statements by Banc of California Inc regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
On January 23, 2017, a lawsuit was filed against Banc of California Inc (NYSE:BANC) over alleged securities laws violations. The plaintiff claimed that the defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects, including that the Company had extensive ties to an alleged "fraudster" named Jason Galanis ("Galanis"), that, given Galanis' history, the Company's ties to Jason Galanis created substantial regulatory risk, that revelation of Jason Galanis' ties to the Company could cause a substantial decline in the market price of the Company's securities, that the Company allegedly misled investors concerning the Company's connections with Jason Galanis, and that, as a result of the foregoing, Defendants' positive statements about Banc of California's business, operations, and prospects, were false and misleading and/or lacked a reasonable basis. In a September 6, 2017 order, the court denied in part Banc of California's motion to dismiss in In re Banc of California Securities Litigation.
On December 8, 2017, it was reported that a former Banc of California employee had filed a lawsuit against the bank alleging, in part, that revenue generated by the Company in 2016 was improperly carried over to the following year in order to inflate 2017 profits, and that the Company had ignored its former Chief Financial Officer's use of Company funds to patronize strip clubs. Shares of Banc of California Inc (NYSE:BANC) declined on December 8, 2017, to $20.45 per share.
Those who purchased shares of Banc of California Inc (NYSE:BANC) have certain options and should contact the Shareholders Foundation.
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
NYSE:BANC Shareholder Alert: Investigation over Possible Securities Laws Violations by Banc of California Inc
An investigation for investors in Banc of California Inc (NYSE:BANC) shares over potential securities laws violations by Banc of California was announced.