NEW YORK, Jan. 23, 2017 /PRNewswire/ -- Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating claims on behalf of investors of Banc of California, Inc. ("Banc of California" or the "Company") (NYSE: BANC). Investors who purchased shares of Banc of California common stock prior to January 23, 2017 may be affected.
On October 18, 2016, an article was published on Seeking Alpha alleging that Banc of California had concealed ties to Jason Galanis ("Galanis"), a man the article claims 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 of losses." Among other things, the article also alleges (1) that Galanis controlled the Company's founding shareholder, COR Capital, (2) that an off-balance sheet lender controlled by the Company's senior-most officers financed Galanis, and (3) that the Company's lead independent director has strong ties to Galanis. Following this news, Banc of California common stock fell more than 29%, $4.26 per share, to close at $11.26 per share on October 18, 2016.
On November 10, 2016, Banc of California disclosed that it was delaying the filing of its quarterly report on Form 10-Q with the Securities and Exchange Commission ("SEC") for the fiscal quarter ended September 30, 2016 in order for its Special Committee to complete a review into certain improper relationships and related party transactions.
On January 23, 2017, Banc of California announced that its Chairman and Chief Executive Officer, Steven Sugarman, resigned and that the SEC issued a formal order of investigation directed at certain of the issues the Special Committee is reviewing.
If you are an investor who purchased Banc of California common stock and would like to discuss our investigation, please contact us by emailing firstname.lastname@example.org or by calling 800-290-1952.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Kaplan Fox & Kilsheimer LLP, with offices in New York, San Francisco, Los Angeles, Chicago and New Jersey, has many years of experience in prosecuting investor class actions. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com. If you have any questions about this Notice, the action, your rights, or your interests, please contact:
Jeffrey P. Campisi
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
Fax: (212) 687-7714
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
350 Sansome Street, Suite 400
San Francisco, California 94104
Fax: (415) 772-4707
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SOURCE Kaplan Fox & Kilsheimer LLP