SAN DIEGO, July 21, 2014 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that a lawsuit was filed on behalf of certain purchasers of Bancorp Inc (TBBK) common stock over alleged violations of Federal Securities Laws by Bancorp Inc in connection with certain allegedly false and misleading statements.
If you purchased shares of Bancorp Inc (TBBK), you have certain options and for certain investors are short and strict deadlines running. TBBK investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The plaintiff claims that defendants made allegedly false and/or misleading statements and/or failed to disclose that Bancorp Inc had under-reserved for loan losses due to adverse loans, that Bancorp Inc's operations and credit practices were in violation of the Bank Secrecy Act, and that as a result of the above, Bancorp Inc's financial statements were materially false and misleading at all relevant times.
On April 23, 2014, Bancorp Inc announced financial results for the first quarter of 2014, reporting that net income for the period decreased to $298,000, or fully diluted earnings per share of $0.01, compared to net income of $7.4 million or $0.20 per diluted share for the comparable period in 2013. According to Bancorp Inc's Chief Executive Officer, the quarter was significantly impacted by an additional loan loss provision of $11.8 million principally related to "newly identified adversely classified loans". Shares of Bancorp Inc fell $2.76, or over 15%, to close at $15.84 on April 24, 2014.
Then on June 10, 2014, Bancorp Inc disclosed that The Bancorp Bank (the "Bank"), a wholly owned subsidiary of The Bancorp, Inc., entered into a Stipulation and Consent to the Issuance of a Consent Order (the "Order") with the Federal Deposit Insurance Corporation (the "FDIC"). Bancorp Inc said that the Order requires the Bank to take certain affirmative actions to comply with its Bank Secrecy Act obligations. Shares of Bancorp Inc (TBBK) dropped from $16.21 per share on June 10, 2014, to $10.21 per share on June 11, 2014.
Those who purchased shares of Bancorp Inc (TBBK) have certain options and should contact the Shareholders Foundation, Inc. by e-mail at mail@shareholdersfoundation.com or call +1 (858) 779-1554.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.