NEW YORK, Aug. 12, 2015 /PRNewswire/ -- Morgan & Morgan announces that it is investigating possible securities law violations by First NBC Bank Holding Company ("FNBC" or the "Company") (NasdaqGS: FNBC) and its officers and directors. The Company's stock fell today approximately 7.5% 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 filing with the SEC on August 11, 2015. 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.
Morgan & Morgan'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 want more information about the FNBC investigation, contact Morgan & Morgan at 1(800) 732-5200 or email email@example.com.
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