STEVENSON, Md.--(BUSINESS WIRE)--The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of Triangle Capital Corporation (NYSE: TCAP) (“Triangle” or the “Company”) securities during the period between May 7, 2014 and November 1, 2017, inclusive (the “Class Period”). Investors who wish to become proactively involved in the litigation have until January 22, 2018 to seek appointment as lead plaintiff.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Triangle securities during the Class Period. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants’ failure to disclose during the Class Period: that Triangle’s investments were at substantial risk of non-accrual; Triangle had materially understated the number of loans performing below expectations and/or in non-accrual and had delayed writing down impaired investments; Triangle failed to implement effective underwriting policies and practices; and, Triangle’s ability to maintain its dividend level of $0.45 was materially impaired.
According to the complaint, following an August 2, 2017 press release announcing significant deterioration in the credit quality of the Company’s portfolio, a low net investment income per share, and $26.2 million in net unrealized depreciation, and a November 1, 2017 press release announcing that the fair value of the Company’s portfolio had declined, the Company suffered $8.9 million in net realized losses and $65.8 million in net unrealized depreciation during the quarter, and the Company was slashing its quarterly dividend, the value of Triangle shares declined significantly.
If you have suffered a loss in excess of $100,000 from investment in Triangle securities purchased on or after May 7, 2014 and held through the revelation of negative information during and/or at the end of the Class Period and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please visit our website at http://www.browerpiven.com/casesandinvestigations.html. You may also request more information by contacting Brower Piven either by email at email@example.com or by telephone at (410) 415-6616.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.