First Regional Bancorp ("FRB" or the Company) is a holding company that formerly owned First Regional Bank (the "Bank"), which it described as a business-oriented wholesale banking operation, with services tailored to the needs of businesses and professionals in Southern California.

According to a press release dated May 07, 2010, the Complaint charges certain of the former officers and executives of FRB with violations of the Exchange Act.

The Complaint alleges that throughout the Class Period, Defendants made material misrepresentations and failed to disclose material adverse facts about the Company's true financial condition, business and prospects. Specifically, the Complaint alleges that Defendants caused the Company to disseminate financial statements that were not fairly presented in conformity with Generally Accepted Accounting Principles and were materially false and misleading, and failed to make complete and timely disclosures concerning certain actions taken by regulators. On Friday, January 29, 2010, the California Commissioner of Financial Institutions closed the Bank, and appointed the Federal Deposit Insurance Corporation as its receiver, and its assets and liabilities were assumed by another institution.

On August 16, 2010, an Order to Dismiss two of the individual Defendants was granted and dismissed without prejudice.

On August 16, 2010, an Order granting motion for appointment of lead Plaintiffs and approval of selection of lead Counsel was issued by the Court.

On October 28, 2010, an Amended Complaint was filed by the lead Plaintiff against the Defendants.

On February 10, 2012, a Second Amended Complaint was filed under seal on the Court's docket.

On June 7, 2012, the Court issued an Order granting certain Defendant's motion to dismiss. Plaintiffs were given leave to amend their Complaint. On September 25, 2012, the Plaintiffs filed a redacted version of their Third Amended Complaint.

On December 10, 2012, the Court issued an Order denying the individual Defendants' motion to dismiss the Third Amended Complaint. On the same date, the Court issued an Order granting Deloitte & Touche LLP's motion to dismiss with prejudice.

On September 12, 2013, the Court granted Plaintiffs' motion for class certification.

On April 7, 2014, the parties filed a Stipulation of Settlement. This Settlement was preliminarily approved by the Court on May 15th. On July 21, the Court issued an Order awarding attorneys' fees and expenses. This was followed by an Order and Final Judgment granting final approval of the Settlement and dismissing this case.