Shareholders Foundation, Inc.

Banc of California Inc (NYSE:BANC) Former Employee Alert: Investigation over Potential Wrongdoing

An investigation on behalf of former employees of Banc of California Inc (NYSE:BANC), who are current or former participants in the Banc of California Inc Employee Stock Ownership Plan, concerning potential breaches of fiduciary duties was announced and former employees of Banc of California Inc should contact the Shareholders Foundation.

 

San Diego, CA -- (SBWIRE) -- 11/29/2016 -- An investigation on behalf of former employees of Banc of California Inc (NYSE:BANC), who are current or former participants in the Banc of California Inc Employee Stock Ownership Plan, concerning potential Breaches of Fiduciary Duty was announced.

Former employees of Banc of California Inc (NYSE:BANC), who are current or former participants in the Banc of California Inc Employee Stock Ownership Plan, have certain options and should contact the Shareholders Foundation, Inc. at mail@shareholdersfoundation.com or call 858-779-1554.

According to the investigation by a law firm under ERISA employees of Banc of California Inc, who are current or former participants in the Banc of California Inc Employee Stock Ownership Plan, may be eligible to file a ERISA complaint for putting stock options at risk if they can prove their employer violated its fiduciary duty to them.

On October 18 2016, an article was published claiming, among other things, that certain Banc of California insiders had undisclosed ties to individuals previously accused of involvement with the collapse of Gerova Financial.

Shares of Banc of California Inc (NYSE:BANC) declined from $18.02 per share on October 11, 2016 to as low as $10.93 per share on October 18, 2016.

On November 10, 2016, Banc of California Inc stated that it is delaying the filing of its Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2016 for the completion of a review into certain purported improper relationships and related party transactions and related matters. Banc of California further stated the review includes an investigation by independent legal counsel having no prior relationship with Banc of California or its officers and directors will be investigating as appointed by the Special Committee of Independent Directors, established by the Board of Directors on October 27, 2016.

On November 15, 2016, NYSE:BANC shares closed at $14.80 per share.

Those who are former employees of Banc of California Inc Corporation, who are current or former participants in the Banc of California Inc Employee Stock Ownership Plan, 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