SAN DIEGO & SANTA ANA, Calif.--(BUSINESS WIRE)--Shareholder rights law firm Robbins Arroyo LLP is investigating whether certain officers and directors of Banc of California, Inc. (NYSE: BANC) breached their fiduciary duties to shareholders. Banc of California operates as the bank holding company for Banc of California, National Association, which provides banking products and services in the United States.
Banc of California Accused of Misappropriating Corporate Funds
A former employee of Banc of California has sued the company for wrongful retaliation and has accused it of unlawful accounting practices, including improperly carrying over revenue generated in 2016 to inflate 2017 profits and misappropriating corporate funds to pay for strip clubs. Banc of California is further accused of publicly reporting that the company exceeded all metrics, while internally communicating that "the Board had decided that the company did not meet plan." Shares of Banc of California have declined since the filing of the complaint on December 7, 2017.
View this information on the law firm's Shareholder Rights Blog:
Banc of California 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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