NEW YORK, Feb. 23, 2017 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Banc of California, Inc. ("Banc of California" or the "Company") (NYSE: BANC) of the March 24, 2017 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.
The lawsuit has been filed in the U.S. District Court for the Central District of California on behalf of all those who purchased Banc of California securities between October 29, 2015 and January 20, 2017 (the "Class Period"). The case, Fernando X. Garcia v. Banc of California, Inc. et al, No. 8:17-cv-00118 was filed on January 23, 2017, and has been assigned to Judge Cormac J. Carney.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose: (1) that the Company had extensive ties to Jason Galanis ("Galanis") and that given Galanis' history, the Company's ties to Galanis created significant regulatory risk; (2) that the revelation of Galanis' ties to the Company could cause a considerable decline in the market price of the Company's securities; (3) that the Company's communications to investors regarding the Seeking Alpha investigation was misleading; and (4) as a result, the Company's statements about its business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
Specifically, on October 18, 2016, a contributor on Seeking Alpha published an article entitled, "BANC: Extensive Ties To Notorious Fraudster Jason Galanis Make Shares Un-Investible." The article alleged, among other things, that the Company's senior-most officers and board members had ties to Galanis. According to the article, Galanis has a "long history of secretly gaining control of banks and public companies via front men, looting assets, and leaving unsuspecting investors and taxpayers with hundreds of millions in losses."
On this news, Banc of California's share price fell from $15.87 on October 17, 2016 to a closing price of $11.26 on October 18, 2016 —a $4.61 or a 29.05% drop.
Then, on January 23, 2017, the Company announced its CEO had resigned and that the Securities and Exchange Commission had opened an investigation into whether the Company had misled investors.
On this news, Banc of California's share price fell from $16.15 on January 20, 2017 to a closing price of $14.65 on January 23, 2017—a $1.50 or a 9.29% drop.
Request more information now by clicking here: www.faruqilaw.com/BANC . There is no cost or obligation to you.
If you invested in Banc of California stock, options or bonds between October 29, 2015 and January 20, 2017 and would like to discuss your legal rights, visit www.faruqilaw.com/BANC. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding Banc of California's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class that is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
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Telephone: (877) 247-4292 or (212) 983-9330
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