Gainey McKenna & Egleston Announces A Class Action Lawsuit Has Been Filed Against First NBC Bank Holding Company (FNBC)


NEW YORK, May 06, 2016 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against First NBC Bank Holding Company (“First NBC” or the “Company”) (Nasdaq:FNBC) in the United States District Court for the Eastern District of Louisiana on behalf of purchasers of First NBC common stock between May 10, 2013 and April 8, 2016, inclusive (the “Class Period”), seeking to pursue remedies under the Securities Exchange Act of 1934 (the “Exchange Act”).

According to the Complaint, Defendants issued false and misleading statements to investors and/or failed to disclose adverse facts regarding First NBC’s business and financial results, including that: (1) First NBC had improperly accounted for certain of its tax credit entities; (2) the carrying value of its investments in tax credits on its books was overstated; (3) these investments should have been marked as impaired and charges taken against them on a more timely basis; and (4) First NBC had a larger exposure to the oil and gas industry than it had disclosed and had failed to take adequate reserves against this growing exposure.  When the true details entered the market, the lawsuit claims that investors suffered damages.

If you wish to serve as lead plaintiff, you must move the Court no later than July 5, 2016.  A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.  If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.

Please visit our website at http://www.gme-law.com for more information about the firm.