WILMINGTON, Del., Aug. 24, 2015 (GLOBE NEWSWIRE) -- Andrews & Springer LLC, a boutique securities class action law firm focused on representing shareholders nationwide, announced today that a securities fraud class action lawsuit has been filed in the U.S. District Court, District of Delaware, on behalf of investors of The Bancorp, Inc. (NASDAQ:TBBK) (“Bancorp” or the “Company”) for corporate misconduct and violations of securities laws.
A copy of the complaint is available from Andrews & Springer LLC. If you currently own shares of Bancorp and want to receive additional information and protect your investments free of charge, please visit us at http://www.andrewsspringer.com/cases-investigations/the-bancorp-securities-class-action or contact Craig J. Springer, Esq. at cspringer@andrewsspringer.com, or call toll free at 1-800-423-6013. You may also follow us on LinkedIn – www.linkedin.com/company/andrews-&-springer-llc, Twitter – www.twitter.com/AndrewsSpringer or Facebook - www.facebook.com/AndrewsSpringer for future updates.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.
According to the lawsuit, Bancorp made false and misleading statements and/or failed to disclose that: (1) the Company had under-reserved for loan losses due to adverse loans; (2) Bancorp's operations and credit practices were in violation of the Bank Secrecy Act ("BSA"); and (3) as a result of the above, the Company's financial statements were materially false and misleading at all relevant times.
On June 10, 2014, the Company announced that Bancorp’s principal federal regulator, the Federal Deposit Insurance Corporation, determined that Bancorp was violating every single material BSA requirement, which the Company previously represented to investors. Bancorp agreed to a Consent Order with the FDIC setting forth numerous BSA violations.
As a result of the announcement, Bancorp’s stock price fell over 28% (approximately $4.66 per share) on high volume, causing millions in investor losses.
As a result of the foregoing news, on July 17, 2014, a Bancorp shareholder filed a class action complaint against Bancorp for securities fraud. The complaint was filed in the United States District Court, District of Delaware, Case No. 1:14-cv-00952-GMS.
If you currently own shares of Bancorp and want to receive additional information and protect your investments free of charge, please visit us at http://www.andrewsspringer.com/cases-investigations/the-bancorp-securities-class-action or contact Craig J. Springer, Esq. at cspringer@andrewsspringer.com, or call toll free at 1-800-423-6013. You may also follow us on LinkedIn – www.linkedin.com/company/andrews-&-springer-llc, Twitter – www.twitter.com/AndrewsSpringer or Facebook - www.facebook.com/AndrewsSpringer for future updates.
Andrews & Springer is a boutique securities class action law firm representing shareholders nationwide who are victims of securities fraud, breaches of fiduciary duty or corporate misconduct. Having formerly defended some of the largest financial institutions in the world, our founding members use their valuable knowledge, experience, and superior skill for the sole purpose of achieving positive results for investors. These traits are the hallmarks of our innovative approach to each case our Firm decides to prosecute. For more information please visit our website at www.andrewsspringer.com. This notice may constitute Attorney Advertising.