SAN DIEGO, May 17, 2016 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that a lawsuit was filed in Louisiana on behalf of certain purchasers of shares of First NBC Bank Holding Company (NASDAQ:FNBC) over alleged Securities Laws Violations by First NBC Bank Holding.
Investors who purchased shares of First NBC Bank Holding Company (NASDAQ:FNBC) have certain options and for certain investors are short and strict deadlines running. Deadline: July 5, 2016. (NASDAQ:FNBC) investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The plaintiff alleges that the defendants issued materially false and misleading statements and/or failed to disclose adverse facts regarding First NBC Bank Holding’s business and financial results, including that First NBC Bank Holding Company (“First NBC Bank Holding”) 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 Bank Holding had a larger exposure to the oil and gas industry than it had disclosed between May 10, 2013 and April 8, 2016 and had failed to take adequate reserves against this growing exposure, and that as a result of these false and misleading statements and omissions, First NBC Bank Holding stock traded at artificially inflated prices between May 10, 2013 and April 8, 2016.
On August 11, 2015, First NBC Bank Holding revealed that it identified errors in its accounting for certain of its tax credit entities investments in preparing its Form 10-Q for the quarter ended June 30, 2015 and that as a result it requires additional time to complete and file its Form 10-Q.
On March 16, 2016, First NBC Bank Holding disclosed that it would be unable to timely file its Form 10-K for the year ended December 31, 2015.
On April 8, 2016, First NBC Bank Holding 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 and that its financial statements for fiscal years 2011 through 2015 could no longer be relied upon.
Those who purchased (NASDAQ:FNBC) shares should contact the Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.