FDA Fast-Tracks Approval of Altria’s on! PLUS Nicotine Pouches Under New Pilot Program 
Novo Nordisk Stock Surges After FDA Approves Wegovy Pill for Weight Loss 
Google and Apple Warn U.S. Visa Holders to Avoid International Travel Amid Lengthy Embassy Delays 
Maersk Vessel Successfully Transits Red Sea After Nearly Two Years Amid Ongoing Security Concerns 
Saks Global Weighs Chapter 11 Bankruptcy Amid Debt Pressures and Luxury Retail Slowdown 
Trump Administration Reviews Nvidia H200 Chip Sales to China, Marking Major Shift in U.S. AI Export Policy 
Moore Threads Unveils New GPUs, Fuels Optimism Around China’s AI Chip Ambitions 
John Carreyrou Sues Major AI Firms Over Alleged Copyrighted Book Use in AI Training 
Niigata Set to Approve Restart of Japan’s Largest Nuclear Power Plant in Major Energy Shift 
Mexico Antitrust Review of Viva Aerobus–Volaris Deal Signals Growth for Airline Sector 
FTC Praises Instacart for Ending AI Pricing Tests After $60M Settlement 
7-Eleven CEO Joe DePinto to Retire After Two Decades at the Helm 
Dina Powell McCormick Resigns From Meta Board After Eight Months, May Take Advisory Role 
California Regulator Probes Waymo Robotaxi Stalls During San Francisco Power Outage 
Italy Fines Apple €98.6 Million Over App Store Dominance 
Boeing Seeks FAA Emissions Waiver to Continue 777F Freighter Sales Amid Strong Cargo Demand 
NEW YORK, Jan. 24, 2017 -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Banc of California, Inc. (“Banc of California” or the “Company”) (NYSE:BANC) of the March 24, 2017 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.
The lawsuit has been filed in the U.S. District Court for the Central District of California on behalf of all those who purchased Banc of California securities between October 29, 2015 and January 20, 2017 (the “Class Period”). The case, Fernando X. Garcia v. Banc of California, Inc. et al, No. 8:17-cv-00118 was filed on January 23, 2017, and has been assigned to Judge Cormac J. Carney.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose: (1) that the Company had extensive ties to Jason Galanis (“Galanis”) and that given Galanis’ history, the Company’s ties to Galanis created significant regulatory risk; (2) that the revelation of Galanis’ ties to the Company could cause a considerable decline in the market price of the Company’s securities; (3) that the Company’s communications to investors regarding the Seeking Alpha investigation was misleading; and (4) as a result, the Company’s statements about its business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
Specifically, on October 18, 2016, a contributor on Seeking Alpha published an article entitled, “BANC: Extensive Ties To Notorious Fraudster Jason Galanis Make Shares Un-Investible.” The article alleged, among other things, that the Company’s senior-most officers and board members had ties to Galanis. According to the article, Galanis has a “long history of secretly gaining control of banks and public companies via front men, looting assets, and leaving unsuspecting investors and taxpayers with hundreds of millions in losses.”
On this news, Banc of California’s share price fell from $15.87 on October 17, 2016 to a closing price of $11.26 on October 18, 2016 —a $4.61 or a 29.05% drop.
Then, on January 23, 2017, the Company announced its CEO had resigned and that the Securities and Exchange Commission had opened an investigation into whether the Company had misled investors.
On this news, Banc of California’s share price fell from $16.15 on January 20, 2017 to a closing price of $14.65 on January 23, 2017—a $1.50 or a 9.29% drop.
Request more information now by clicking here: www.faruqilaw.com/BANC. There is no cost or obligation to you.
Take Action
If you invested in Banc of California stock, options or bonds between October 29, 2015 and January 20, 2017 and would like to discuss your legal rights, visit www.faruqilaw.com/BANC. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to [email protected]. Faruqi & Faruqi, LLP also encourages anyone with information regarding Banc of California’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class that is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.
FARUQI & FARUQI, LLP 685 Third Avenue, 26th Floor New York, NY 10017 Attn: Richard Gonnello, Esq. [email protected] Telephone: (877) 247-4292 or (212) 983-9330
