NEW YORK, March 2, 2017 /PRNewswire/ -- Tripp Levy PLLC, a leading national securities and shareholder rights law firm, is investigating potential claims against the board of directors of Banc of California, Inc. ("Banc of California" or the "Company") (NYSE: BANC) concerning whether the board has breached its fiduciary duties to shareholders.
On November 10, 2016, the Company disclosed that it would not be able to timely file its Form 10-Q for the third quarter and that the board had formed a special committee to review certain relationships and related party transactions.
On January 23, 2017, the Company disclosed that its Chairman and CEO, Steven Sugarman, had resigned and that the SEC issued a formal order of investigation directed at the issues being reviewed by the special committee.
Our investigation concerns, among other things, whether the Company's board of directors has breached its fiduciary duties to shareholders, grossly mismanaged the Company, and/or committed abuses of control in connection with the foregoing
If you are a current shareholder of Banc of California and would like additional information as to how the proposed breach of fiduciary duties may affect your rights as a shareholder, and how you may be eligible to potentially recover damages for your shares, please contact us at no cost at:
Tripp Levy PLLC represents individual and institutional shareholders in shareholder actions and has assisted in the recovery for shareholders in securities actions around the globe.
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SOURCE Tripp Levy PLLC