STEVENSON, Md., Aug. 9, 2014 (GLOBE NEWSWIRE) -- The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the District of Delaware on behalf of purchasers of The Bancorp, Inc. ("The Bancorp" or the "Company") (Nasdaq: TBBK ) common stock during the period between April 24, 2013 and June 10, 2014, inclusive (the "Class Period").
If you have suffered a loss from investment in The Bancorp common stock purchased on or after April 24, 2013 and held through the revelation of negative information during and/or at the end of the Class Period, as described below, and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentsecuritiescases.html . You may also request more information by contacting Brower Piven either by email at hoffman@browerpiven.com or by telephone at (410) 415-6616. No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff.
If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than September 16, 2014 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Company units during the Class Period.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants' failure to disclose during the Class Period that the Company had under-reserved for loan losses and that its operations and credit practices were in violation of the Bank Secrecy Act. According to the complaint, following the Company's April 23, 2014 announcement that the financial results for the first quarter of 2014 were significantly impacted by loan loss provisions principally related to newly identified adversely classified loans, and following the June 10, 2014 disclosure that the Company had entered into a Stipulation and Consent to the Issuance of a Consent Order with the FDIC to correct the weaknesses in its Bank Secrecy Act Compliance Program, the value of The Bancorp shares declined significantly.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
Charles J. Piven Brower Piven, A Professional Corporation 1925 Old Valley Road Stevenson, Maryland 21153 Telephone: 410-415-6616
