NEW YORK, Nov. 21, 2017 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Triangle Capital Corporation (“Triangle Capital” or the “Company”) (NYSE: TCAP ) of the January 22, 2018 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Triangle Capital stock or options between May 7, 2017 and November 1, 2017 and would like to discuss your legal rights, click here : www.faruqilaw.com/TCAP . There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com.
CONTACT: FARUQI & FARUQI, LLP 685 Third Avenue, 26 th Floor New York, NY 10017 Attn: Richard Gonnello, Esq. rgonnello@faruqilaw.com Telephone: (877) 247-4292 or (212) 983-9330
The lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all those who purchased Triangle Capital common stock between May 7, 2017 and November 1, 2017 (the “Class Period”). The case, Dagher v. Triangle Capital Corporation, et al. , No. 1:17-cv-09102 was filed on November 21, 2017.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (i) as early as 2013, Triangle Capital had internally recommended moving away from mezzanine loan deals due to changes in the market; (ii) the Company’s former Chief Executive Officer, Garland Tucker, had ignored the aforementioned recommendation; (iii) that the Company’s entire vintage of 2014 and 2015 investments were at substantial risk of non-accrual as a result of the poor quality of the investments and deficient underwriting practices; (iv) more than 13% of Triangle Capital’s investment portfolio at cost was at risk of non-accrual; (v) Triangle Capital had understated the number of loans performing below expectations and/or in non-accrual and had delayed writing down impaired investments; (vi) Triangle Capital failed to implement effective underwriting policies and practices; and (vii) as a result of the aforementioned, Triangle Capital’s business, prospects and ability to maintain its dividend level were materially impaired.
Specifically, on August 2, 2017, Triangle Capital announced its financial results for the quarter ended June 30, 2017, revealing, in part, that the amount of full non-accrual assets in the Company’s portfolio had increased to 5.4% and 2.5% as a percentage of the Company’s total portfolio at cost and at fair value, respectively.
On this news, the Company’s share price fell from $17.19 per share on August 2, 2017, to a closing price of $14.63 on August 4, 2017—a $2.56 or a 14.89% drop.
Then, on November 1, 2017, Triangle Capital announced its financial results for the quarter ended September 30, 2017, revealing, in part, that the fair value of the Company’s investment portfolio had declined nearly 7% from the prior quarter and that it had suffered $8.9 million in net realized losses and $65.8 million in net unrealized depreciation to its portfolio during the quarter.
On this news, the Company’s share price fell from $12.25 per share on November 1, 2017, to a closing price of $9.68 on November 2, 2017—a $2.57 or a 20.98% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Triangle Capital’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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