Energy News / Shareholders Foundation, Inc.

Update in Lawsuit for Investors in NYSE:BANC Shares Against Banc of California Inc Announced

Via: ReleaseWire

Updated 11:00 AM CST, Wed, November 29,2017

A lawsuit was filed on behalf of investors in Banc of California Inc (NYSE:BANC) shares over alleged securities laws violations and NYSE:BANC investors should contact the Shareholders Foundation.

San Diego, CA -- (SBWIRE) -- 11/29/2017 -- A lawsuit is pending for investors who purchased NYSE:BANC shares against Banc of California Inc over alleged Securities Laws Violations.

Investors, who purchased shares of Banc of California Inc (NYSE:BANC) prior to August 2015 and currently hold any of their NYSE:BANC shares, have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call 858-779-1554.

On October 18, 2016, an article was published claiming, among other things, that certain Banc of California insiders had undisclosed ties to individuals previously accused of involvement with the collapse of Gerova Financial.

On January 23, 2017, Banc of California Inc announced the resignation of its CEO, Steven A. Sugarman, and that the United States Securities and Exchange Commission ("SEC") had opened an investigation into whether the Company had misled investors in its response to the October 2016 report disclosing a connection between the Banc of California and an alleged fraudster named Jason Galanis.

On January 23, 2107, a lawsuit was filed against Banc of California Inc over alleged securities laws violations. The plaintiff claims that the defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects, including that the Company had extensive ties to an alleged "fraudster" named Jason Galanis ("Galanis"), that, given Galanis' history, the Company's ties to Jason Galanis created substantial regulatory risk, that revelation of Jason Galanis' ties to the Company could cause a substantial decline in the market price of the Company's securities, that the Company allegedly misled investors concerning the Company's connections with Jason Galanis, and that, as a result of the foregoing, Defendants' positive statements about Banc of California's business.

In May 2017 an amended consolidated complaint was filed and in June 2017 the defendants filed their motion to dismiss the case. On September 6, 2017 the judge denied the motions to dismiss the case.

Those who purchased shares of Banc of California Inc (NYSE:BANC) have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com

For more information on this press release visit:
http://www.sbwire.com/press-releases/update-in-lawsuit-for-investors-in-nysebanc-shares-against-banc-of-california-inc-announced-898327.htm

Media Relations Contact
Michael Daniels
858-779-1554
Email: Click to Email Michael Daniels
Web: http://www.ShareholdersFoundation.com