NEW YORK, May 13, 2016 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a class action lawsuit has been filed in the United States District Court for the Eastern District of Louisiana on behalf of purchasers of First NBC Bank Holding Company ("First NBC") (NASDAQ:FNBC) common stock during the period between May 10, 2013 and April 8, 2016 (the "Class Period"), inclusive.
Shareholders who have purchased First NBC Bank Holding Company are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774.
If you purchased shares of First NBC Bank Holding Company during the Class Period and suffered a loss, you may request that the Court appoint you lead plaintiff of the proposed class no later than July 5, 2016.
The filed complaint alleges that during the Class Period, defendants issued materially false and misleading statements and/or failed to disclose adverse facts regarding First NBC's business and financial results, including that First NBC had improperly accounted for certain of its tax credit entities, that the carrying value of its investments in tax credits on its books was overstated and these investments should have been marked as impaired and charges taken against them on a more timely basis, and that First NBC had a larger exposure to the oil and gas industry than it had disclosed during the Class Period and had failed to take adequate reserves against this growing exposure. As a result of these false and misleading statements and omissions, First NBC stock traded at artificially inflated prices during the Class Period, reaching a high of $43.52 per share on December 4, 2015.
Beginning in early 2016, First NBC began to disclose errors its accounting dating back to 2011.
On April 8, 2016, First NBC announced that it would be forced to restate its consolidated financial statements for fiscal years 2014, 2013, 2012 and 2011, including each of the interim periods within fiscal years 2015, 2014 and 2013 – the Company's entire reporting history as a publicly traded company – and that the Company's financial statements for fiscal years 2011 through 2015 could no longer be relied upon. First NBC blamed "an error in the Company's methodology for the recognition of impairment of its investment in tax credit entities" and disclosed that "the Company had not properly consolidated variable interest entities related to Low-Income Housing Tax Credit entities." On this news, the price of First NBC stock declined another 2%, or $0.47 per share, to close at $18.65 per share the next trading day.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein Adler Freeman & Herz LLP by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com. All e-mail correspondence should make reference to the “First NBC investigation.”
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