NEW YORK and SAN DIEGO, Jan. 26, 2017 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a securities class action lawsuit has been commenced in the United States District Court for the Central District of California on behalf of purchasers of Banc of California, Inc. securities (NYSE: BANC ) from October 29, 2015 through January 20, 2017, inclusive (the “Class Period”).
Investors who have incurred losses in Banc of California, Inc. shares are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may request the filed complaint and obtain additional information concerning the action on our website, www.whafh.com.
If you purchased shares of Banc of California, Inc. within the class period and would like to become involved in assisting the litigation process, you may, no later than March 24, 2017 , request that the Court appoint you lead plaintiff of the proposed class.
According to the filed complaint, throughout the Class Period, defendants issued materially false and misleading statements to investors and/or failed to disclose that: (1) Banc of California had extensive ties to an alleged “fraudster” named Jason Galanis (“Galanis”); (2) Banc of California’s ties to Galanis created substantial regulatory risk, given Galanis’ history; (3) the revelation of Galanis’ ties to Banc of California could cause a substantial decline in the market price of the Banc of California’s securities; (4) Banc of California allegedly misled investors concerning its connections to Galanis; and (5) as a result, defendants’ positive statements about Banc of California’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
On January 23, 2017, Banc of California announced the resignation of its CEO, Steven A. Sugarman, and that the United States Securities and Exchange Commission had opened an investigation into whether the Company had misled investors in its response to an October 2016 Seeking Alpha report disclosing a connection between the Banc of California and an alleged fraudster named Jason Galanis.
Following this news the Company’s shares fell $1.50 per share, or nearly 10%, to close on January 23, 2017 at $14.65 per share, on unusually high volume of over 6 million shares.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein Adler Freeman & Herz LLP by telephone at (800) 575-0735, via e-mail at classmember@whafh.com , or visit our website at www.whafh.com.
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Contact: Wolf Haldenstein Adler Freeman & Herz LLP Kevin Cooper, Esq. Gregory Stone, Director of Case and Financial Analysis Email: gstone@whafh.com, kcooper@whafh.com or classmember@whafh.com Tel: (800) 575-0735 or (212) 545-4774
