A lawsuit was filed on behalf of investors in Banc of California Inc (NYSE:BANC) shares over alleged securities laws violations. Deadline: March 24, 2017. NYSE:BANC investors should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 02/14/2017 -- An investor, who purchased shares of Banc of California Inc (NYSE:BANC), filed a lawsuit in California over alleged violations of Federal Securities Laws by Banc of California Inc.
Investors who purchased shares of Banc of California Inc (NYSE:BANC) have certain options and for certain investors are short and strict deadlines running. Deadline: March 24, 2017. NYSE:BANC investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call 858-779-1554.
The plaintiff claims that between August 7, 2015, and January 23, 2017, 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.
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.
On January 23, 2017, Banc of California Inc announced the resignation of its CEO, Steven A. Sugarman, and that the United States Securities and Exchange Commission ("SEC") had opened an investigation into whether the Company had misled investors in its response to the October 2016 report disclosing a connection between the Banc of California and an alleged fraudster named Jason Galanis.
On February 13 2017, NYSE:BANC shares closed at $20.15 per share
Those who purchased shares of Banc of California Inc 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