NEW YORK--(BUSINESS WIRE)--
Scott+Scott, Attorneys at Law, LLP (“Scott+Scott”), a national shareholder and consumer rights litigation firm, reminds shareholders of its investigation into whether certain officers and directors of Banc of California, Inc. (“Banc of California” or the “Company”) (NYSE:BANC) breached fiduciary duties owed to the Company and its shareholders. If you are a Banc of California shareholder, you are encouraged to contact a Scott+Scott attorney at (844) 818-6982 for additional information.
Banc of California provides commercial banking and home lending services in California.
On October 18, 2016, a blog post on SeekingAlpha alleged improper relationships between Jason Galanis, a Los Angeles financier and twice-convicted securities fraudster, and the Company’s senior managers, including Steven Sugarman, then Banc of California’s Chief Executive Officer, and Chad Brownstein, then Banc of California’s Lead Independent Director.
In January 2017, a class action was brought in California federal court on behalf of investors, related to the Company’s nondisclosure of these alleged improper ties. On September 6, 2017, that court denied defendants’ motion to dismiss, allowing the case to move forward, particularly regarding Sugarman’s alleged ties to Galanis.
Scott+Scott is investigating the activities of the Company’s Board of Directors in examining the alleged related party transactions and self-dealing, including an “independent investigation” supposedly undertaken by the Company.
What You Can Do
If you are a Banc of California shareholder, you may have legal claims against Banc of California’s officers and directors. If you wish to discuss this investigation, or have questions about this notice or your legal rights, please contact attorney Joe Pettigrew at (844) 818-6982, or at [email protected].
About Scott+Scott, Attorneys at Law, LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Connecticut, California, and Ohio.
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