BOSTON, April 11, 2016 /PRNewswire/ -- Block & Leviton LLP (www.blockesq.com), a securities litigation firm representing investors nationwide, is investigating whether First NBC Bank Holding Company ("FNBC" or the "Company") (NASDAQ: FNBC) and certain of its officers and directors have violated federal securities laws following the Company's announcement that it would restate its financial statements for the years 2011 through 2015 due to errors in its accounting practices.
On March 16, 2016, FNBC disclosed that it would be unable to timely file its 2015 year-end financial statement with the United States Securities and Exchange Commission due to flaws in the Company's accounting for historic tax losses. The Company also disclosed that its preliminary earnings release issued on February 1, 2016 should no longer be relied upon by investors. On this news, shares of FNBC fell $5.33, more than 21%, to close at $19.09 on March 16, 2016.
On April 8, 2016, the Company further disclosed that, in addition to its year-end 2015 financial statements, its consolidated financial statements for the years ended 2011 through 2015, along with each interim statement for the years 2013 through 2015, should no longer be relied upon and must be restated. The Company's shares have fallen dramatically in early trading. These misstatements have already cost investors more than $50 million in losses.
If you purchased or otherwise acquired FNBC securities on or before April 8, 2016 and have questions about your legal rights or possess information relevant to this investigation, please contact attorney Bradley Vettraino at (617) 398-5600 or by email at Bradley@blockesq.com.
Confidentiality to whistleblowers or others with information relevant to the lawsuit is assured.
Block & Leviton LLP is a Boston-based firm representing investors nationwide. The firm's lawyers have collectively been prosecuting securities cases on behalf of individual and institutional investors for over 70 years, recovering billions of dollars on their behalf, and its investigations into corporate wrongdoing have recently been covered by the New York Times.
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SOURCE Block & Leviton LLP