NEW YORK, Oct. 18, 2016 /PRNewswire/ -- Rosen Law Firm, a global investor rights law firm, announces it is investigating potential securities claims on behalf of shareholders of Banc of California, Inc. (NYSE: BANC) resulting from allegations that Banc of California may have issued materially misleading business information to the investing public.
On October 18, 2016, an article published on Seeking Alpha alleged that Banc of California had concealed numerous connections between it and Jason Galanis, who has been convicted of criminal securities fraud, including that: (1) Banc of California CEO Jason Sugarman was the founder, CEO, and indirect owner of a company controlled by Galanis; and (2) separately, Galanis controlled Banc of California's founding shareholder. The Seeking Alpha article also alleged that Banc of California had used an off-balance sheet entity to make loans to insiders. On this news, shares of Banc of California fell over 29% per share to close at $11.26 per share on October 18, 2016.
Rosen Law Firm is preparing a class action lawsuit to recover losses suffered by Banc of California investors. If you purchased shares of Banc of California on or before October 18, 2016, please visit the website at http://rosenlegal.com/cases-970.html for more information. You may also contact Phillip Kim, Esq. or Kevin Chan, Esq. of Rosen Law Firm toll free at 866-767-3653 or via email at email@example.com or firstname.lastname@example.org.
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Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.
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Laurence Rosen, Esq.
Phillip Kim, Esq.
Kevin Chan, Esq.
The Rosen Law Firm, P.A.
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New York, NY 10016
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