NEW YORK--(BUSINESS WIRE)--
Scott+Scott, Attorneys at Law, LLP (“Scott+Scott”), a national securities and consumer rights litigation firm, reminds investors that two class action lawsuits have been filed against Triangle Capital Corporation (NYSE: TCAP) (“Triangle” or the “Company”) and certain of its officers, related to alleged violations of federal securities laws. If you purchased shares of Triangle common stock between May 7, 2014 and November 1, 2017, you are encouraged to a contact a Scott+Scott attorney at (844) 818-6980 for additional information.
Triangle is a business development company that provides customized financing to lower middle market companies located primarily in the United States.
The lawsuit alleges that Defendants made a series of materially false and misleading statements and omitted to disclose material information concerning the true overall quality of Triangle’s investment portfolio.
On November 1, 2017, Triangle announced financial results and revealed that the fair value of its investment portfolio had nearly 7% from the prior quarter and that it had suffered $8.9 million in net realized losses and $65.8 million in net unrealized depreciation to its portfolio during the quarter. Triangle also revealed that it had placed seven new investments on non-accrual status during the quarter, effectively acknowledging that those assets were unlikely to generate future returns, and that the amount of investments on non-accrual had ballooned to 13.4% and 4.7% of the Company’s total portfolio at cost and at fair value, respectively.
On this news, Triangle’s share price fell $2.57, about 21%, to close at $9.68 on November 2, 2017.
What You Can Do
If you purchased Triangle common stock between May 7, 2014 and November 1, 2017, inclusive, or if you have questions about this notice or your legal rights, please contact attorney Rhiana Swartz at (844) 818-6980, or at [email protected]. Investors have until January 22, 2018, to move for lead plaintiff.
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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