STEVENSON, Md., May 29, 2016 (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 Eastern District of Louisiana on behalf of purchasers of First NBC Bank Holding Company (Nasdaq: FNBC ) (“First NBC” or the “Company”) common stock during the period between May 10, 2013 and April 8, 2016, inclusive (the “Class Period”). Investors with losses in excess of $100,000 who wish to become proactively involved in the litigation have until July 5, 2016 to seek appointment as lead plaintiff.
If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in First NBC common stock during the Class Period. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action.
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 its accounting for its Federal and State Historic Rehabilitation tax credit entities was proper.
According to the complaint, following (1) the February 1, 2016 Company announcement that disappointing fourth quarter and fiscal year 2015 earnings were based largely on an $8.2 million tax credit impairment; (2) the March 16, 2016 Company revelation that it had discovered errors in its accounting for its Federal and State Historic Rehabilitation tax credit entities; and (3) the April 8, 2016 Company announcement that it would be forced to restate its consolidated financial statements for fiscal 2014, 2013, 2012, and 2011, including all interim periods within fiscal years 2015, 2014, and 2013, and that its financial statements for fiscal years 2011 through 2015 could no longer be relied upon, the value of First NBC shares declined significantly.
If you have suffered a loss from investment in First NBC common stock purchased on or after May 10, 2013 and held through the revelation of negative information during and/or at the end of the Class Period 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. Brower Piven also encourages anyone with information regarding the Company’s conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.
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.
CONTACT: Charles J. Piven Brower Piven, A Professional Corporation 1925 Old Valley Road Stevenson, Maryland 21153 Telephone: 410-415-6616 hoffman@browerpiven.com
