SAN FRANCISCO, Oct. 21, 2016 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP alerts investors in Banc of California that the firm is investigating possible securities law violations related to undisclosed ties between BANC senior officers and a criminally sued third party.
If you purchased or otherwise acquired securities of Banc Of California before October 19, 2016 and suffered over $50,000 in losses contact Hagens Berman Sobol Shapiro LLP. For more information visit:
https://www.hbsslaw.com/cases/BANC
or contact Reed Kathrein, who is leading the firm’s investigation, by calling 510-725-3000 or emailing BANC@hbsslaw.com.
Banc of California’s stock price fell nearly 29% on October 18, 2016 in response to a report published on SeekingAlpha that the Company’s Chief Executive Officer had undisclosed ties to a criminal defendant who is allegedly responsible for the failure of another financial institution (Gerova Financial).
Hagens Berman is investigating the ties between Banc of California’s CEO (Steven Sugarman), entities he was previously affiliated with, and Gerova Financial. To the extent those ties are supported by evidence and omitted from BANC’s disclosures, they may be actionable by BANC investors under the federal securities laws.
“The relationship between BANC’s senior executives and an accused financial criminal is obviously information any reasonable shareholder would want to know before investing in a company’s stock,” said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding Banc of California should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new SEC whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email BANC@hbsslaw.com.
About Hagens Berman
Hagens Berman is a national investor-rights law firm headquartered in Seattle, Washington with offices in 10 cities. The Firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the Firm and its successes can be found at www.hbsslaw.com. Read the Firm’s Securities Newsletter, and visit the blog. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.