On January 23, 2017, Banc of California announced that: (1) the Company's CEO, Steven Sugarman, was resigning; (2) that KPMG, the Company's independent auditor raised concerns about "inappropriate relationships with third parties;" and (3) that on January 12, 2017, the SEC issued a formal order of investigation and issued a subpoena seeking certain documents relating to the alleged third-party relationships.
Shares of Banc of California have fallen nearly another 9% on this news. These revelations and resultant stock drops have caused losses of tens of millions of dollars to investors.
If you recently purchased or otherwise acquired Banc of California securities and have questions about your legal rights or possess information relevant to this investigation, please contact attorney Bradley Vettraino at (617) 398-5600, by email at email@example.com, or by visiting www.blockesq.com/bancofcalifornia. Confidentiality to whistleblowers or others with information relevant to the lawsuit is assured.
Block & Leviton LLP is a Boston-based law firm representing investors nationwide. The firm's lawyers have collectively been prosecuting securities cases on behalf of individual and institutional investors for over 50 years, and have recovered billions of dollars on their behalf. Block & Leviton's investigations into corporate wrongdoing were recently covered by the New York Times.
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SOURCE Block & Leviton LLP