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SAN FRANCISCO, Jan. 27, 2017 -- Hagens Berman Sobol Shapiro LLP alerts investors in Banc of California (NYSE:BANC) to the securities class action filed in the U.S. District Court for the Central District of California and the March 24, 2017 Lead Plaintiff deadline.
If you purchased or otherwise acquired securities of BANC between October 29, 2015 and January 20, 2017 and suffered over $50,000 in losses contact Hagens Berman Sobol Shapiro LLP. For more information visit:
https://www.hbsslaw.com/cases/BANC
or contact Reed Kathrein, who is leading the firm’s investigation, by calling 510-725-3000 or emailing [email protected].
On October 18, 2016, the price of BANC shares fell nearly 29% after SeekingAlpha published a report stating that BANC’s Chief Executive Officer (Steven Sugarman) had undisclosed ties to a criminal convicted of manipulating Gerova Financial Ltd. stock. The Company issued a press release that day stating that BANC’s disinterested directors investigated the matter.
However, the SEC issued a formal order of investigation and a subpoena of the Company on January 12, 2017, after which the Company issued a January 23, 2017 statement admitting it made false statements in its October 18, 2016 release. Hagens Berman is currently investigating the extent of these false statements.
“The relationship between BANC’s senior executives and an admitted financial criminal is obviously information any reasonable shareholder would want to know before investing in a company’s stock,” said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding Banc of California should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new SEC whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email [email protected].
About Hagens Berman
Hagens Berman is a national investor-rights law firm headquartered in Seattle, Washington with offices in 10 cities. The Firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the Firm and its successes can be found at www.hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Contact: Reed Kathrein, 510-725-3000
