LOS ANGELES — Lundin Law PC, a shareholder rights firm, announces the filing of a class action lawsuit against Banc of California, Inc. (“Banc of California” or the “Company”) (NYSE:BANC) concerning possible violations of federal securities laws between August 7, 2015 and January 23, 2017 inclusive (the “Class Period”). Investors who purchased or otherwise acquired shares during the Class Period should contact the firm prior to the March 24, 2017 lead plaintiff motion deadline.
No class has been certified in the above action. Until a class is certified, you are not considered represented by an attorney. You may also choose to do nothing and be an absent class member.
Seeking Alpha released an article claiming that Banc of California had concealed several connections between it and Jason Galanis, who has been convicted of criminal securities fraud. Specifically, the Complaint maintains that: Banc of California CEO Jason Sugarman was the founder, CEO, and indirect owner of a company controlled by Galanis; and that separately, Galanis controlled Banc of California’s founding shareholder. The Complaint further claims that Banc of California was using an off-balance sheet entity to render loans to insiders.
Then, on November 10, 2016, Banc of California revealed it would be stalling the filing of its Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2016 so that its Special Committee could complete a review into the aforementioned improper relationships and related party transactions. On January 23, 2017, Banc of California stated that the Securities and Exchange Commission is pursuing a formal order of investigation directed at these same issues.
When this news was released to the public, the value of Banc dropped, causing investors harm.
Lundin Law PC was founded by Brian Lundin, a securities litigator based in Los Angeles dedicated to upholding shareholders’ rights.
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Contact: Lundin Law PC Brian Lundin, Esq. Telephone: 888-713-1033 Facsimile: 888-713-1125 [email protected] http://lundinlawpc.com/