SAN DIEGO & WILMINGTON, Del.--(BUSINESS WIRE)--Shareholder rights law firm Robbins Arroyo LLP is investigating whether certain officers and directors of The Bancorp, Inc. (NASDAQGS: TBBK) breached their fiduciary duties to the company by causing the company to violate the Bank Secrecy Act ("BSA"). The Bancorp operates as the financial holding company for The Bancorp Bank, which provides banking products and services to individuals, and small and mid-size businesses in the United States.
View this press release on the law firm's Shareholder Rights Blog: www.robbinsarroyo.com/shareholders-rights-blog/the-bancorp-inc-dec-2015
The Bancorp Allegedly Violates the Bank Secrecy Act
Throughout early 2014, The Bancorp publicly represented that it had established a "compliance program" in accordance with all of the "key requirements" of the BSA. However, on June 10, 2014, the company announced that it had entered into a consent decree with the Federal Deposit Insurance Corporation (“FDIC”) for violating several BSA requirements. The consent decree prohibited the company from establishing any new prepaid cards until the violations were remedied. On this news, the company’s stock price fell more than 30% from $16.30 per share to under $11.00 per share. The company’s stock price has not rebounded and most recently traded at $7.19 per share on December 11, 2015.
The Bancorp Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Darnell R. Donahue at 800-350-6003, DDonahue@robbinsarroyo.com, or via the shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
Attorney Advertising. Past results do not guarantee a similar outcome.