BENSALEM, Pa.--(BUSINESS WIRE)--
Law Offices of Howard G. Smith reminds investors of the upcoming March 24, 2017 deadline to file a lead plaintiff motion in the class action filed on behalf of a class of investors who purchased or otherwise acquired Banc of California, Inc. (“Banc of California” or the “Company”) (NYSE: BANC) securities between October 29, 2015, and January 20, 2017, inclusive (the “Class Period”). Banc of California investors have until March 24, 2017 to file a lead plaintiff motion.
The complaint filed in this lawsuit alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects, including: (1) that the Company had extensive ties to an alleged “fraudster” named Jason Galanis (“Galanis”); (2) that, given Galanis’ history, the Company’s ties to Galanis created substantial regulatory risk; (3) that revelation of Galanis’ ties to the Company could cause a substantial decline in the market price of the Company’s securities; (4) that the Company allegedly misled investors concerning the Company’s connections with Galanis; and (5) that, as a result of the foregoing, Defendants’ positive statements about Banc of California’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
On January 23, 2017, Banc of California announced the resignation of its CEO, Steven A. Sugarman, and that the United States Securities and Exchange Commission had opened an investigation into whether the Company had misled investors in its response to an October 2016 Seeking Alpha report disclosing a connection between the Banc of California and an alleged fraudster named Jason Galanis.
On this news the Company’s shares fell $1.50 per share, or nearly 10%, to close on January 23, 2017 at $14.65 per share, on unusually high volume of over 6 million shares.
If you purchased Banc of California shares, you may move the Court no later than March 24, 2017 to request appointment as lead plaintiff. To be a member of the class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to [email protected], or visit our website at http://www.howardsmithlaw.com.
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