An investigation on behalf of current long term investors in Bancorp Inc (NASDAQ:TBBK) shares over possible breaches of fiduciary duty by certain officers and directors was announced and NASDAQ:TBBK stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 01/25/2016 -- An investigation for shareholders in shares of Bancorp Inc (NASDAQ:TBBK) was announced concerning potential breaches of fiduciary duties by certain directors of Bancorp Inc.
Investors who are current long term investors in Bancorp Inc (NASDAQ:TBBK) shares, have certain options and should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
The investigation by a law firm for current long term investors in NASDAQ:TBBK stocks follows a lawsuit filed recently against Bancorp Inc over alleged securities laws violations. The investigation on behalf of current long term investors in NASDAQ:TBBK stocks, concerns whether certain the Bancorp officers and directors are liable in connection with the allegations made in that lawsuit.
According to that complaint filed in the U.S. District Court for the District of Delaware the plaintiff alleges that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that Defendants made allegedly false and/or misleading statements and/or failed to disclose that Bancorp Inc had under-reserved for loan losses due to adverse loans, that Bancorp Inc's operations and credit practices were in violation of the Bank Secrecy Act ("BSA"), and that as a result of the above, Bancorp Inc's financial statements were materially false and misleading at all relevant times.
On April 23, 2014, Bancorp Inc announced financial results for the first quarter of 2014, reporting that net income for the period decreased to $298,000, or fully diluted earnings per share of $.01, compared to net income of $7.4 million or $.20 per diluted share for the comparable period in 2013. According to Bancorp Inc's Chief Executive Officer, the quarter was significantly impacted by an additional loan loss provision of $11.8 million principally related to "newly identified adversely classified loans".
On June 10, 2014, Bancorp Inc disclosed that The Bancorp Bank (the "Bank"), a wholly owned subsidiary of The Bancorp, Inc., entered into a Stipulation and Consent to the Issuance of a Consent Order (the "Order") with the Federal Deposit Insurance Corporation (the "FDIC"). Bancorp Inc said that the Order requires Bancorp Inc to take certain affirmative actions to comply with its bank's Bank Secrecy Act obligations, among them: appoint a qualified bank's Bank Secrecy Act /OFAC officer; revise the written bank's Bank Secrecy Act Compliance Program; develop and implement additional policies and procedures for suspicious activity monitoring and reporting; review and enhance customer due diligence and risk assessment processes; review past account activity to determine whether suspicious activity was properly identified and reported; strengthen internal controls, including augmenting Board oversight regarding bank's Bank Secrecy Act activities; establish an independent testing program and develop policies and procedures to govern staffing and training for ank's Bank Secrecy Act compliance.
Shares of Bancorp Inc (NASDAQ:TBBK) declined from $19.98 per share in March 2014 to as low as $5.92 per share on January 6, 2016.
Those who purchased shares of Bancorp Inc (NASDAQ:TBBK) have certain options and should contact the Shareholders Foundation.
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