PHILADELPHIA--(BUSINESS WIRE)--The law firm of Spector, Roseman & Kodroff, P.C. announces that a securities class action lawsuit has been filed on behalf of investors who purchased Triangle Capital Corporation (“Triangle” or the “Company”) (NYSE: TCAP) securities on the open market between May 7, 2014 and November 1, 2017, inclusive (the “Class Period”).
Triangle is a business-development company that provides financing to companies within the United States. The complaint alleges that throughout the Class Period, defendants made materially false and misleading statements regarding Triangle’s underwriting policies and the quality of its loan portfolio. On November 1, 2017, Triangle announced a deterioration of its loan portfolio and a rise in assets placed on non-accrual status. During an analyst conference call held the next morning, defendants admitted that between 2013 and 2015, Triangle’s senior management had directed the Company to invest in riskier, high-yield loans despite the advice of the Company’s own investment professionals, who recommended a move into more secure investments. On this news, the price of Company stock declined $2.57 per share, or approximately 21%, to close at $9.68 per share on November 2, 2017.
If you purchased Triangle securities during the Class Period, you may, no later than January 22, 2018, move to be appointed as a Lead Plaintiff in this class action. A Lead Plaintiff is a representative chosen by the Court that acts on behalf of other class members in directing the litigation.
If you have sustained substantial losses in Triangle securities during the Class Period and wish to move to be appointed as Lead Plaintiff, please contact Spector, Roseman & Kodroff, P.C. toll-free at 888-844-5862 or via e-mail at classaction@srkattorneys.com. For more detailed information about the firm please visit its website at http://www.srkattorneys.com.
Spector, Roseman & Kodroff, P.C., located in Philadelphia, Pennsylvania, concentrates its practice in complex litigation including actions dealing with securities laws, antitrust, contract, and commercial claims. The firm’s reputation for excellence has been recognized on repeated occasions by courts which have appointed the firm as lead counsel in numerous major class actions. The firm has recovered hundreds of millions of dollars through judgments and settlements on behalf of thousands of defrauded shareholders and companies.