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Robbins Geller Rudman & Dowd LLP Announces Proposed Settlement in the Banc of California Securities Litigation

The following statement is being issued by Robbins Geller Rudman & Dowd LLP regarding the Banc of California Securities Settlement:

UNITED STATES DISTRICT COURT
CENTRAL DISTRICT OF CALIFORNIA
SOUTHERN DIVISION

In re BANC OF CALIFORNIA SECURITIES LITIGATION

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No. SACV 17-00118 AG (DFMx)

 

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consolidated with

 

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SACV 17-00138 AG (DFMx)

 

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This Document Relates To:

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CLASS ACTION

ALL ACTIONS.

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SUMMARY NOTICE

IF YOU PURCHASED OR ACQUIRED BANC OF CALIFORNIA, INC. ("BANC OF CALIFORNIA") COMMON STOCK FROM APRIL 15, 2016, THROUGH AND INCLUDING JANUARY 20, 2017 (THE "CLASS"), YOU COULD RECEIVE A PAYMENT FROM A CLASS ACTION SETTLEMENT. CERTAIN PERSONS ARE EXCLUDED FROM THE DEFINITION OF THE CLASS AS SET FORTH IN THE STIPULATION OF SETTLEMENT.

PLEASE READ THIS NOTICE CAREFULLY. YOUR RIGHTS MAY BE AFFECTED BY A CLASS ACTION LAWSUIT PENDING IN THIS COURT.

YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal Rules of Civil Procedure and Order of the United States District Court for the Central District of California, Southern Division, that the above-captioned litigation (the "Litigation") has been certified as a class action and that a Settlement has been proposed for $19,750,000 in cash. Assuming all estimated potential Class Members elect to participate, the estimated average recovery is between $0.31 and $0.52 per damaged share. A hearing will be held on March 16, 2020, at 10:00 a.m., before the Honorable Andrew J. Guilford at the Ronald Reagan Federal Building and United States Courthouse, 411 West Fourth Street, Courtroom 10D, Santa Ana, CA 92701, for the purpose of determining whether: (1) the proposed Settlement should be approved by the Court as fair, reasonable and adequate; (2) the proposed Plan of Allocation for distribution of the Settlement proceeds is fair, reasonable and adequate and therefore should be approved; (3) the application of Lead Counsel for the payment of attorneys’ fees and litigation expenses from the Settlement Fund, including interest earned thereon, and an amount for Lead Plaintiff pursuant to 15 U.S.C. §78u-4(a)(4) in connection with its representation of the Class, should be approved; and (4) the Court should enter the Final Judgment and Order of Dismissal with Prejudice.

IF YOU ARE A MEMBER OF THE CLASS DESCRIBED ABOVE, YOUR RIGHTS WILL BE AFFECTED BY THE SETTLEMENT OF THE LITIGATION, AND YOU MAY BE ENTITLED TO SHARE IN THE SETTLEMENT FUND. If you have not received a detailed Notice of Pendency and Proposed Settlement of Class Action (the "Notice") and a copy of the Proof of Claim and Release, you may obtain a copy of these documents by contacting the Claims Administrator: Banc of California Securities Settlement, c/o Gilardi & Co. LLC, P.O. Box 43319, Providence, RI 02940-3319, 1-866-617-3471. You may also obtain copies of the Stipulation of Settlement, Notice and Proof of Claim and Release at www.BancOfCaliforniaSecuritiesSettlement.com.

If you are a Class Member, to be eligible to share in the distribution of the Net Settlement Fund, you must submit a Proof of Claim and Release by mail postmarked no later than March 17, 2020, or submit it online by that date, establishing that you are entitled to a recovery. If you do not submit a valid Proof of Claim and Release, you will not share in the distribution of the Net Settlement Fund, but you will still be bound by any judgment entered by the Court in this Litigation (including the releases provided for therein).

If you are a Class Member and do not exclude yourself from the Class, you will be bound by any judgment entered by the Court in this Litigation (including the releases provided for therein) whether or not you submit a Proof of Claim and Release. To exclude yourself from the Class, you must submit a written request for exclusion so that it is postmarked no later than February 24, 2020, in accordance with the instructions set forth in the Notice. If you request exclusion, you will not recover money pursuant to the Settlement. Any objection to the proposed Settlement, the Plan of Allocation, or the fee and expense application must be filed with the Court and delivered such that it is received by each of the following no later than February 24, 2020:

Court:

UNITED STATES DISTRICT COURT
CENTRAL DISTRICT OF CALIFORNIA
CLERK OF THE COURT
Ronald Reagan Federal Building &
United States Courthouse
411 West Fourth Street
Santa Ana, CA 92701

Lead Counsel:

ROBBINS GELLER RUDMAN
& DOWD LLP
THEODORE J. PINTAR
655 West Broadway, Suite 1900
San Diego, CA 92101
Telephone: 800/449-4900

Defendant’s Counsel:

MORRISON & FOERSTER LLP
MARK R. McDONALD
707 Wilshire Blvd., Suite 6000
Los Angeles, CA 90017
Telephone: 213/892-5200

PLEASE DO NOT CONTACT THE COURT, THE CLERK’S OFFICE, DEFENDANT, OR DEFENDANT’S COUNSEL REGARDING THIS NOTICE. If you have any questions about the Settlement, or your eligibility to participate in the Settlement, you may contact Lead Counsel at the address and phone number listed above.

DATED: December 4, 2019

BY ORDER OF THE COURT
UNITED STATES DISTRICT COURT
CENTRAL DISTRICT OF CALIFORNIA
SOUTHERN DIVISION

 

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Contacts

Media:
Robbins Geller Rudman & Dowd LLP
Shareholder Relations
Rick Nelson
1-619-231-1058