An investigation for investors in NYSE:BANC shares was announced over potential breaches of fiduciary duties by certain officers and directors at Banc of California.
Investors who purchased shares of Banc of California Inc (NYSE:BANC) and currently hold any of those NYSE:BANC shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 – 1554.
The investigation by a law firm concerns whether certain Banc of California directors breached their fiduciary duties and caused damage to the company and its shareholders.
Shares of Banc of California Inc (NYSE:BANC) grew from $9.98 per share in May 2014 to as high as $23.06 per share in August 2016.
On October 18 2016, an article was published claiming, among other things, that certain Banc of California insiders had undisclosed ties to individuals previously accused of involvement with the collapse of Gerova Financial.
Shares of Banc of California Inc (NYSE:BANC) declined from $18.02 per share on October 11, 2016 to as low as $10.93 per share on October 18, 2016.
on November 10, 2016, Banc of California Inc stated that it is delaying the filing of its Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2016 for the completion of a review into certain purported improper relationships and related party transactions and related matters. Banc of California further stated the review includes an investigation by independent legal counsel having no prior relationship with Banc of California or its officers and directors will be investigating as appointed by the Special Committee of Independent Directors, established by the Board of Directors on October 27, 2016.
On November 21, 2016, NYSE:BANC shares closed at $14.80 per share.
Those who purchased NYSE:BANC shares have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com