NEW YORK, May 6, 2016 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of First NBC Bank Holding Company ("First NBC" or the "Company") (NASDAQ: FNBC). Such investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 888-476-6529, ext. 9980.
The investigation concerns whether First NBC and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
On February 1, 2016, First NBC issued a press release disclosing its Q4 and full-year 2015 financial results, reporting earnings significantly below market expectations and more fully disclosing the true extent of the Company's exposure to the oil and gas industry. On this news, First NBC's stock price fell $3.20 per share, or 10.53%, to close at $27.20 on February 1, 2016. Then, on March 16, 2016, First NBC disclosed that it had "identified errors in its accounting for its Federal and State Historic Rehabilitation tax credit entities and is evaluating the accounting for certain other matters" and that its net income as stated in its preliminary earnings release for 2015 would likely be reduced. On this news, First NBC's stock price fell $5.33 per share, or 21.83%, to close at $19.09 on March 16, 2016. Finally, on April 8, 2016, First NBC announced that its financial statements for the years 2011 through 2014 and for each of the interim periods within the years 2013 through 2015 needed to be restated and should no longer be relied upon, and that management's report on the effectiveness of internal control over financial reporting as of December 31, 2013 and 2014 should no longer be relied upon.
On this news, First NBC's stock price fell $0.47 per share, or 2.46%, to close at $18.65 on April 11, 2016.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby
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SOURCE Pomerantz LLP