IRVINE, CA / ACCESSWIRE / February 22, 2016 / Khang & Khang LLP (the "Firm") announces the filing of a class action lawsuit against Banc of California, Inc. ("Banc" or the "Company") (BANC). Investors, who purchased or otherwise acquired Banc shares between October 29, 2015, and January 20, 2017, inclusive (the "Class Period"), are encouraged to contact the firm in advance of the March 27, 2017 lead plaintiff deadline.
If you purchased shares of Banc during the Class Period, please contact Joon M. Khang, Esquire, of Khang & Khang, 18101 Von Karman Avenue, 3rd Floor, Irvine, CA 92612, by telephone: (949) 419-3834, or via e-mail at firstname.lastname@example.org.
There has been no class certification in this case. Until certification occurs, you are not represented by an attorney. You may choose to take no action and remain a passive class member.
Seeking Alpha released an article alleging that Banc of California had hidden numerous connections between it and Jason Galanis, who has been convicted of criminal securities fraud. In particular, the Complaint alleges that: Banc of California CEO Jason Sugarman was the founder, CEO, and indirect owner of a company controlled by Galanis; and that separately, Galanis controlled Banc of California's establishing shareholder. The Complaint further alleges that Banc of California was utilizing an off-balance sheet entity to provide loans to insiders.
Then, on November 10, 2016, Banc of California revealed it would be stalling the filing of its Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2016 so that its Special Committee could complete a review into the aforementioned improper relationships and related party transactions.
On January 23, 2017, Banc of California revealed that the Securities and Exchange Commission is pursuing a formal order of investigation directed at these same issues. When this information was disclosed to the public, the value of Banc fell, causing investors harm.
If you have any questions concerning this notice or your rights, please contact Joon M. Khang, a prominent litigator for almost two decades, by telephone: (949) 419-3834, or by e-mail at email@example.com.
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Joon M. Khang, Esq.
SOURCE: Khang & Khang LLP