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 announced by Shareholders Foundation - EconoTimes)
SAN DIEGO, Jan. 30, 2017 -- The Shareholders Foundation, Inc. announces that a lawsuit was filed in California on behalf of certain purchasers of shares of Banc of California Inc (NYSE:BANC) over alleged Securities Laws Violations by Banc of California Inc.
Investors who purchased shares of Banc of California Inc (NYSE:BANC) have certain options and for certain investors there are short and strict deadlines running. Deadline: March 24, 2017. NYSE: BANC investors should contact the Shareholders Foundation at [email protected] or call +1(858) 779 - 1554.
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.
The plaintiff alleges 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, 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.
Those who purchased Banc of California Inc (NYSE:BANC) shares should contact the Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
CONTACT: Shareholders Foundation, Inc. Michael Daniels +1 (858) 779-1554 [email protected] 3111 Camino Del Rio North Suite 423 San Diego, CA 92108
