An investigation for investors in NASDAQ:FNBC shares over potential securities laws violations by certain of directors of First NBC Bank Holding in connection certain financial statements was announced.
Investors who purchased shares of First NBC Bank Holding Company (NASDAQ:FNBC), 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 focuses on whether a series of statements regarding First NBC Bank Holding’s business, its prospects and its operations were materially false and misleading at the time they were made.
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