NEW YORK, Jan. 23, 2017 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of Banc of California, Inc. ("Banc of California" or the "Company") (NYSE: BANC). Such investors are encouraged to obtain additional information and assist the investigation by visiting the firm's site: www.bgandg.com/banc.
The investigation concerns whether Banc of California and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
On October 18, 2016, Seeking Alpha published a report alleging that Banc of California had been concealing its numerous connections with Jason Galanis, who had 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) Galanis controlled Banc of California's founding shareholder. The article also wrote that Banc of California had used an off-balance sheet entity to make loans to insiders. Following this news, Banc of California stock dropped over 29% per share to close at $11.26 per share on October 18, 2016.
On November 10, 2016, Banc of California revealed that it was postponing the filing of its Form 10-Q Quarterly Report for the fiscal quarter ended September 30, 2016 in order for its Special Committee to finish its review of certain purported improper relationships and related party transactions. On January 23, 2017, Banc of California announced CEO Sugarman's resignation and divulged that the U.S. Securities and Exchange Commission had opened an investigation into whether Banc of California had misled investors in its response to the October 2016 Seeking Alpha report. Following this news, Banc of California stock has dropped as much as $1.75 per share, or 10.84%, to a low of $14.40 on January 23, 2017.
If you are aware of any facts relating to this investigation, or purchased Banc of California shares, you can assist this investigation by visiting the firm's site: www.bgandg.com/banc. You can also contact Peretz Bronstein or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC: 212-697-6484.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | firstname.lastname@example.org
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/shareholder-alert-bronstein-gewirtz--grossman-llc-announces-investigation-of-banc-of-california-inc-banc-300394894.html
SOURCE Bronstein, Gewirtz & Grossman, LLC