NEW ORLEANS, July 23, 2014 (GLOBE NEWSWIRE) -- Kahn Swick & Foti, LLC ("KSF") and KSF partner, the former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until September 16, 2014 to file lead plaintiff applications in a securities class action lawsuit against The Bancorp Inc. (Nasdaq:TBBK), if they purchased the Company's securities during the period between April 24, 2013 and June 10, 2014, inclusive (the "Class Period"). This action is pending in the United States District Court for the District of Delaware.
What You May Do
If you purchased shares of Bancorp and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, call toll-free at 1-877-515-1850, or email KSF Managing Partner Lewis Kahn (lewis.kahn@ksfcounsel.com) or KSF Partner Melinda Nicholson (melinda.nicholson@ksfcounsel.com). If you wish to serve as a lead plaintiff in this class action, you must petition the Court by September 16, 2014.
About the Lawsuit
Bancorp and certain of its executives are charged with issuing a series of materially false and misleading statements during the Class Period, violating federal securities laws.
On April 23, 2014, Bancorp announced its financial results for the first quarter of 2014, reporting net income of only $298,000 compared to $7.4 million for the first quarter of 2013, due in large part to loan loss provisions related to newly-identified adversely classified loans. Then, on June 10, 2014, the Company announced that it had entered into a Stipulation and Consent to the Issuance of a Consent Order with the FDIC, requiring the bank to correct the weaknesses in its Bank Secrecy Act Compliance Program. On this news, the price of Bancorp's shares fell by over 28%.
About Kahn Swick & Foti, LLC
To learn more about KSF, whose partners include the Former Louisiana Attorney General, Charles C. Foti, Jr., and other lawyers with significant experience litigating complex securities class actions nationwide on behalf of both institutional and individual shareholders, you may visit www.ksfcounsel.com.