SAN DIEGO & RALEIGH, N.C.--(BUSINESS WIRE)--Shareholder rights law firm Robbins Arroyo LLP announces that investors filed a class action complaint against Triangle Capital Corporation (NYSE: TCAP) for alleged violations of the Securities Exchange Act of 1934 by Triangle's officers and directors between May 7, 2014 and November 1, 2017. Triangle is a business development company specializing in private equity and mezzanine investments.
View this information on the law firm's Shareholder Rights Blog: www.robbinsarroyo.com/triangle-capital-corporation-jan-2018
Triangle Accused of Hiding Poor Quality Investments and Deficient Underwriting Practices
According to the complaint, Triangle officials knew as early as 2013, but failed to disclose, that the company should move away from mezzanine loan deals due to changes in the market that made these investments unattractive opportunities. On November 1, 2017, Triangle issued a press release announcing its financial results for the quarter ended September 30, 2017, revealing that the company's investment portfolio had declined 7%, and suffered $8.9 million in net realized losses, and $65.8 million in net unrealized depreciation. Furthermore, Triangle revealed that due to low earnings, it would be slashing its quarterly dividend by 33% per share from the previous quarter. On this news, Triangle's stock fell nearly 21%, to close at $9.68 per share on November 2, 2017.
Triangle Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Leonid Kandinov at (800) 350-6003, LKandinov@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.
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