NEW YORK, Sept. 5, 2014 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in The Bancorp Inc. ("Bancorp" or the "Company") (Nasdaq:TBBK) of the September 16, 2014 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against Bancorp and certain executives.
A complaint has been filed in the District of Delaware on behalf of all persons who purchased or acquired Bancorp securities between April 24, 2013 and June 10, 2014, inclusive (the "Class Period").
The complaint alleges that the Company and its executives violated federal securities laws with respect to its disclosures concerning its business, operations, and prospects.
Specifically, the action alleges that during the Class Period, Bancorp made false and/or misleading statements and/or failed to disclose that: (i) because of adverse loans, the Company had under-reserved for loan losses; and (ii) Bancorp's operations and credit practices violated the Bank Secrecy Act ("BSA").
On June 10, 2014, in an SEC filing, Bancorp announced that it had entered into a Stipulation and Consent to the Issuance of a Consent Order (the "Order") with the FDIC. The Order became effective on June 5, 2014, and necessitates the Company to revise its BSA Compliance Program, among other requirements.
Following this news, the price of Bancorp stock declined by $4.66, or over 28%, to close at $11.54 on June 11, 2014.
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Take Action
If you invested in Bancorp stock or options between April 24, 2013 and June 10, 2014 and would like to discuss your legal rights, visit www.faruqilaw.com/TBBK. 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. Faruqi & Faruqi, LLP also encourages anyone with information regarding Bancorp's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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