SAN FRANCISCO, Nov. 8, 2016 /PRNewswire/ -- Hagens Berman Sobol Shapiro LLP reminds investors in Banc of California (NYSE: BANC) that the firm is investigating possible securities law violations related to undisclosed ties between BANC management and an admitted stock manipulator.
If you purchased or otherwise acquired securities of Banc of California before October 19, 2016 and suffered over $50,000 in losses contact Hagens Berman Sobol Shapiro LLP. For more information visit:
or contact Reed Kathrein, who is leading the firm's investigation, by calling 510-725-3000 or emailing BANC@hbsslaw.com.
Banc of California's stock price fell nearly 29% on October 18, 2016 in response to a report published on SeekingAlpha that the Company's Chief Executive Officer (Steven Sugarman) had undisclosed ties to a criminal who was convicted of stock manipulation concerning securities issued by Gerova Financial Ltd.
Hagens Berman is investigating the relationship between Sugarman and Jason Galanis, who admitted manipulating Gerova stock. Facts under investigation include the Company's October 20, 2016 admission that its directors have been aware since 2015 of possible improper ties between Sugarman and Jason Galanis.
"The relationship between BANC's senior executives and an admitted financial criminal is obviously information any reasonable shareholder would want to know before investing in a company's stock," said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding Banc of California should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new SEC whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email BANC@hbsslaw.com.
About Hagens Berman
Hagens Berman is a national investor-rights law firm headquartered in Seattle, Washington with offices in 10 cities. The Firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the Firm and its successes can be found at www.hbsslaw.com. Read the Firm's Securities Newsletter, and visit the blog. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Reed Kathrein, 510-725-3000
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SOURCE Hagens Berman Sobol Shapiro LLP