United States : Hagens Berman Reminds Investors in The Bancorp, Inc. of the Sept. 16, 2014 Lead Plaintiff Class-Action Deadline.
Hagens Berman Sobol Shapiro LLP, a top-tier investor-rights law firm, advises investors of the Sept. 16, 2014, lead plaintiff deadline in the securities fraud class action against The Bancorp, Inc. Investors who purchased Bancorp stock between April 24, 2013 and June 10, 2014 (the Class Period ) should contact Hagens Berman Partner Reed Kathrein, who is leading the firm s investigation, by calling (510) 725-3000, emailing TBBK@hbsslaw.com or visiting http://hb-securities.com/investigations/TBBK.
The complaint, filed in the Delaware District Court on July 18, 2014, and docketed as 1:14-CV-00952, alleges that Bancorp made false and misleading statements and failed to disclose several material facts that ultimately caused its share price to tumble. First, the Company maintained insufficient reserves to cover loan-losses from adverse loans. Additionally, the Company failed to inform their investors that the FDIC was investigating their operations and credit practices for violations of the Bank Secrecy Act ( BSA ). On April 23, 2014, after the market close, Bancorp announced financial results for the first quarter of 2014, reporting that net income for the period decreased to $298,000, compared to net income of $7.4 million for the comparable period in 2013. According to Bancorp's CEO, the quarter was significantly impacted by an additional loan loss provision of $11.8 million, principally related to "newly identified adversely classified loans. Subsequently, Bancorp shares fell $2.76, or over 15%, to close at $15.84 on April 24, 2014, on unusually heavy trading volume.
It is hard to believe that Bancorp was unaware of an FDIC investigation into their BSA practices this information is critical to investors and should have been disclosed in previous filings, said Mr. Kathrein. Additionally, Bancorp had a duty to disclose its risky loan holdings to investors whose stock was impacted when news of sharp decrease in net income was revealed.
If you suffered a loss from your investment in Bancorp securities purchased on or after April 24, 2013 and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, please contact us for your no-cost evaluation. No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff.
2014 Al Bawaba (Albawaba.com) Provided by SyndiGate Media Inc. ( Syndigate.info ).
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|Date:||Sep 9, 2014|
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