NEW YORK--(BUSINESS WIRE)--
Rosen Law Firm, a global investor rights law firm, announces it is continuing to investigate potential securities claims on behalf of shareholders of Banc of California, Inc. (NYSE: BANC) resulting from allegations that Banc of California may have issued materially misleading business information to the investing public.
On October 18, 2016, an article published on Seeking Alpha alleged that Banc of California had concealed numerous connections between it and Jason Galanis, who has been convicted of criminal securities fraud, including that: (1) Banc of California CEO Jason Sugarman was the founder, CEO, and indirect owner of a company controlled by Galanis; and (2) separately, Galanis controlled Banc of California’s founding shareholder. The Seeking Alpha article also alleged that Banc of California had used an off-balance sheet entity to make loans to insiders. On this news, shares of Banc of California fell over 29% per share to close at $11.26 per share on October 18, 2016. On November 10, 2016, Banc of California disclosed that it is delaying the filing of its Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2016 in order for its Special Committee to complete a review into certain purported improper relationships and related party transactions. On January 23, 2017, Banc of California revealed that the Securities and Exchange Commission issued a formal order of investigation directed at certain of the issues that the Special Committee is reviewing.
Rosen Law Firm is preparing a class action lawsuit to recover losses suffered by Banc of California investors. If you purchased shares of Banc of California before January 23, 2017, please visit the website at http://rosenlegal.com/cases-970.html for more information. You may also contact Phillip Kim, Esq. or Kevin Chan, Esq. of Rosen Law Firm toll free at 866-767-3653 or via email at [email protected] or [email protected].
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Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.
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