BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces an investigation on behalf of investors of Banc of California, Inc. (“Banc of California”) or the “Company”) (NYSE: BANC) concerning the Company and its officers’ possible violations of federal securities laws.
On October 18, 2016, an article was published on Seeking Alpha alleging that Banc of California had concealed ties to Jason Galanis—a man the article claims has a “long history of secretly gaining control of banks and public companies via front men, looting assets, and leaving unsuspecting investors and taxpayers with hundreds of millions in losses.” Specifically, the article alleged: (1) that Galanis controlled the Company’s founding shareholder; (2) that an off-balance sheet lender controlled by the Company’s senior-most officers financed Galanis; and (3) that the Company’s lead independent director had strong ties to Galanis.
On this news, shares of Banc of California fell over 29% per share on October 18, 2016, thereby injuring investors.
If you purchased Banc of California securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at http://www.howardsmithlaw.com.
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