According to the law firm press release, the complaint filed in this lawsuit alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects, including: (1) that the Company had extensive ties to an alleged “fraudster”; (2) that, given his history, the Company’s ties to him created substantial regulatory risk; (3) that revelation of his ties to the Company could cause a substantial decline in the market price of the Company’s securities; (4) that the Company allegedly misled investors concerning the Company’s connections with him; and (5) that, as a result of the foregoing, Defendants’ positive statements about Banc of California’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.

On May 1, 2017, the Court appointed Lead Plaintiff and Counsel. Lead Plaintiff filed a consolidated complaint on May 31. On December 20, Lead Plaintiff filed a Motion for Class Certification. On May 31, 2018, the Court issued an Order granting the Motion for Class Certification.