LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) announces that a class action lawsuit has been filed on behalf of investors who purchased First NBC Bank Holding Company (“First NBC” or the “Company”) (NASDAQ: FNBC) securities between May 10, 2013 and April 8, 2016, inclusive (the “Class Period”). First NBC investors have until July 5, 2016 to file a lead plaintiff motion.
Investors who have suffered losses on their First NBC investments are encouraged to contact Lesley Portnoy of GPM to discuss their legal rights in this class action at 310-201-9150 or by email to firstname.lastname@example.org.
The complaint alleges that during the Class Period First NBC issued materially false and misleading statements and/or failed to disclose adverse facts regarding First NBC's business and financial results, including that: (1) First NBC had improperly accounted for certain of its tax credit entities, (2) 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 (3) 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.
On March 16, 2016, First NBC announced that it would be delaying the filing of its Form 10-K for the year ended December 31, 2015 due to internal accounting errors with Federal and State Historic Rehabilitation tax credit entities. Additionally, First NBC notified investors that its preliminary earnings release issued on February 1, 2016 should no longer be relied upon until the filing of its Form 10-K.
On this news, shares of First NBC fell more than 21%, to close at just $19.09 per share on March 16, 2016.
If you purchased shares of First NBC during the Class Period you may move the Court no later than July 5, 2016 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to email@example.com, or visit our website at http://glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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