An investigation for investors in NASDAQ:FNBC shares was announced concerning potential breaches of fiduciary duties by certain directors at First NBC Bank Holding.
Investors who purchased shares of First NBC Bank Holding Company (NASDAQ:FNBC) and currently hold any of those NASDAQ:FNBC 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 First NBC Bank Holding directors breached their fiduciary duties and caused damage to the company and its shareholders.
On August 11, 2015, First NBC Bank Holding Company revealed that it identified errors in its accounting for certain of its tax credit entities investments in preparing its Form 10-Q for the quarter ended June 30, 2015 and that as a result, First NBC Bank Holding Company requires additional time to complete and file its Form 10-Q.
On February 1, 2016, First NBC Bank Holding Company announced that its earnings for the fourth quarter and fiscal year 2015 had significantly underperformed analysts’ expectations, based, in large part, on the Company having taken an $8.2 million tax credit impairment.
On March 16, 2016, First NBC Bank Holding Company disclosed that it would be unable to timely file its Form 10-K for the year ended December 31, 2015 due to errors in its accounting for its Federal and State Historic Rehabilitation tax credit entities and evaluation of its accounting for certain other matters. First NBC Bank Holding Company 1, 2016 should not be relied upon pending the filing of Form 10-K.
On April 8, 2016, First NBC Bank Holding Company announced that it would be forced to restate its consolidated financial statements for fiscal years 2014, 2013, 2012 and 2011, including each of the interim periods within fiscal years 2015, 2014 and 2013 – the Company’s entire reporting history as a publicly traded company – and that the Company’s financial statements for fiscal years 2011 through 2015 could no longer be relied upon. First NBC Bank Holding Company blamed “an error in the Company’s methodology for the recognition of impairment of its investment in tax credit entities” and disclosed that “the Company had not properly consolidated variable interest entities related to Low-Income Housing Tax Credit entities.”
On May 5, 2016, a lawsuit was filed against First NBC Bank Holding Company over alleged securities laws violations. The plaintiff claimed that between May 10, 2013 and April 8, 2016 defendants issued materially false and misleading statements and/or failed to disclose adverse facts regarding First NBC Bank Holding Company’s business and financial results, including that First NBC Bank Holding Company had improperly accounted for certain of its tax credit entities, that the carrying value of its investments in tax credits on its books was overstated and these investments should have been marked as impaired and charges taken against them on a more timely basis, and that First NBC Bank Holding Company had a larger exposure to the oil and gas industry than it had disclosed between May 10, 2013 and April 8, 2016 and had failed to take adequate reserves against this growing exposure, and that as a result of these false and misleading statements and omissions, First NBC Bank Holding Company stock traded at artificially inflated prices between May 10, 2013 and April 8, 2016, reaching a high of $42.47 per share.
Those who purchased NASDAQ:FNBC 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