NEW YORK, Dec. 8, 2017 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Banc of California, Inc. ("Banc of California" or the "Company") (NYSE: BANC). Such investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 888-476-6529, ext. 9980.
The investigation concerns whether Banc of California and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On December 8, 2017, Bloomberg reported that a former Banc of California employee had filed a lawsuit against the bank alleging, in part, that: (1) revenue generated by the Company in 2016 was improperly carried over to the following year in order to inflate 2017 profits; and (2) the Company had ignored its former Chief Financial Officer's use of Company funds to patronize strip clubs.
On this news, Banc of California's share price fell $0.60, or 2.76%, to close at $21.15 on December 8, 2017.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
SOURCE Pomerantz LLP