Notice of Lawsuit Against Banc of California (BANC) Board – Shareholders Encouraged to Contact Us Immediately
Albuquerque, New Mexico, November. 18, 2017 — The Law Office of Nicholas Koluncich III, LLC is continuing its investigation and analysis of Banc of California (BANC) Officers and Directors with respect to potential breaches of fiduciary duty alleged in the lawsuit against them.
On its Form 10-Q, dated September 30, 2017, the BANC reported that the Securities and Exchange Commission (SEC) had issued a formal order of investigation into certain Company activities. That 10-Q went on to detail that a lawsuit has been filed against Banc of California, Inc. for alleged violations of Federal Securities Laws for dissemination of materially false and misleading statements and for failing to disclose material adverse facts about the Company’s business operations and prospects. It is alleged that the Company and its President, Steven Sugarman, had ties to Jason Galanis, an individual who had pled guilty to securities fraud in the past. An independent law firm confirmed that the investigation into their relationship was not initiated by the Board but by management itself and that BANC’s press release to the contrary was “inaccurate.” BANC reported, on its January 23, 2017 8-K, that Steven Sugarman resigned from his position as President, Chief Executive Officer and Board of Directors of Banc of California.
The facts and allegations with respect to Bank of California’s recent operations are complicated. If you own BANC shares and have any questions concerning your rights and interests with regard to these matters, please contact the Law Offices of Nicholas Koluncich III, LLC at:
Doing so will enhance the probability that your voice will be heard in the pending litigations. Individuals having information about this company or its directors and officers are also asked to contact The Law Offices of Nicholas Koluncich III, LLC. Current stockholders and former employees and are particularly encouraged to contact us.
If you own Banc of California stock, have information about this company or would like a candid explanation of your rights, please contact:
Law Offices of Nicholas Koluncich III, LLC
500 Marquette Avenue NW – Suite 1200
Albuquerque, NM 87102
FAX (505) 881-4288
There is never any charge for an initial consultation and this consultation will be treated as attorney client privileged. Initial, no obligation consultation is confidential and free.