NEW YORK, Nov. 28, 2017 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against Triangle Capital Corporation ("Triangle Capital" or the "Company") (NYSE: TCAP) and certain of its officers, on behalf of shareholders who purchased Triangle Capital securities between May 7, 2014 through November 1, 2017, both dates inclusive, (the "Class Period"). Such investors are encouraged to join this case by visiting the firm's site: http://www.bgandg.com/tcap.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
The complaint alleges that throughout the class period Defendants issued materially false and/or misleading statements and/or failed to disclose that: (1) as early as 2013, Triangle Capital's investment professionals had internally recommended moving away from mezzanine loan deals due to market changes that no longer made these investments attractive risk-reward opportunities; (2) Triangle Capital's former CEO ignored the advice of the Company's investment professionals to chase higher short-term yields by causing the Company to invest in mezzanine debt; (3) as a result, Triangle Capital's entire vintage of 2014 and 2015 investments were at substantial risk of non-accrual due to the poor quality of the investments and deficient underwriting practices in place at the time of the investments; (4) consequently, Triangle Capital's business, prospects, and ability to maintain its dividend level were materially impaired.
On November 2, 2017, Triangle Capital announced quarterly results that included a lower-than-projected $0.36 per-share net investment income, and "meaningful write-downs of certain debt investments which previously have been carried below cost." While the Company's investment in Passport Food Group ("Passport") was carried at an 8% premium to par in the previous quarter, it was marked at an 8% discount to par for Triangle Capital's most recent quarter. The Company cited an unexpected loss in Passport's product line, resulting in lower sales and an overall performance decline. Following this news, Triangle Capital stock dropped $2.57 per share, or 20.98%, to close at $9.68 on November 2, 2017.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm's site: http://www.bgandg.com/tcap or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Triangle Capital you have until January 22, 2018 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | [email protected]
SOURCE Bronstein, Gewirtz & Grossman, LLC