LOS ANGELES--(BUSINESS WIRE)--Lundin Law PC, a shareholder rights firm, announces that it is investigating claims against Banc of California, Inc., (“Banc” or the “Company”) (NYSE: BANC) concerning possible violations of federal securities laws.
To get more information about this investigation, click here, or please contact Brian Lundin, Esquire, of Lundin Law PC, at 888-713-1033, or via email at brian@lundinlawpc.com.
Seeking Alpha released an article claiming that Banc of California had concealed several connections between it and Jason Galanis, who has been convicted of criminal securities fraud. Specifically, the Complaint maintains that: Banc of California CEO Jason Sugarman was the founder, CEO, and indirect owner of a company controlled by Galanis; and that separately, Galanis controlled Banc of California’s founding shareholder. The Complaint further claims that Banc of California was using an off-balance sheet entity to render loans to insiders.
Then, on November 10, 2016, Banc of California revealed it would be stalling the filing of its Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2016 so that its Special Committee could complete a review into the aforementioned improper relationships and related party transactions. On January 23, 2017, Banc of California stated that the Securities and Exchange Commission is pursuing a formal order of investigation directed at these same issues.
When this news was released to the public, the value of Banc dropped, causing investors harm.
Lundin Law PC was founded by Brian Lundin, a securities litigator based in Los Angeles dedicated to upholding shareholders’ rights.
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