BOSTON, Aug. 12, 2015 /PRNewswire/ -- Block & Leviton LLP (www.blockesq.com), a Boston-based law firm representing investors nationwide, is investigating possible securities law violations by First NBC Bank Holding Company ("FNBC" or the "Company") (NASDAQ: FNBC) and its officers and directors. The Company's stock has fallen over 8%, representing more than $50 million in lost shareholder value, since FNBC announced that it has "identified errors in its accounting for certain of its investments in tax credit entities".
The announcement of the errors relating to the tax credit accounting was made in a Form 12b-5, filed with the United States Securities and Exchange Commission (the "SEC") on August 11, 2015. A Form 12b-5, also known as a Notification of Late Filing, is filed when a publicly traded company is unable to comply with the SEC's requirements for submitting regular quarterly, annual, and other reports. In this case, FNBC alerted investors that "as a result of the time needed by the registrant to evaluate the impact of the errors in its accounting for certain of its investments in tax credit entities and for the registrant and its auditors to evaluate the implications of the adjustments on current and historical financial statements and the registrant's evaluation of internal control over financial reporting, the registrant requires additional time to complete and file its Form 10-Q" for the period ending June 30, 2015.
Block & Leviton's investigation seeks to determine whether FNBC or its officers and directors violated the federal securities laws through the Company's actions relating to tax credit issues which led to the postponing of its SEC filing. If you purchased or otherwise acquired FNBC securities before August 12, 2015, and have questions about your legal rights or possess information relevant to this investigation, please contact attorney Steven P. Harte of Block & Leviton LLP at (617) 398-5600 or email him at Steven@blockesq.com. Confidentiality to whistleblowers or others with information relevant to the lawsuit is assured.
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Contact: BLOCK & LEVITON LLP Steven P. Harte, Esq. (617) 398-5600 Steven@blockesq.com
SOURCE Block & Leviton LLP