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Banc of California, Inc.

Case Summary

Banc of California, Inc. Securities Litigation

Case Summary

Case Status:    ONGOING    
On or around 05/31/2018 (Ongoing date of last review)

Filing Date: January 23, 2017

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.

Company & Securities Information

Defendant: Banc of California, Inc.

COMPANY INFORMATION:

Sector: Financial
Industry: Regional Banks
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: BANC
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.

First Identified Complaint

Fernando X. Garcia, et al. v. Banc of California, Inc., et al.

COURT: C.D. California
DOCKET #: 17-CV-00118
JUDGE: Hon. Cormac J. Carney
DATE FILED: 01/23/2017
CLASS PERIOD START: 10/29/2015
CLASS PERIOD END: 01/20/2017
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Glancy Prongay & Murray LLP
    1925 Century Park East, Suite 2100 , Glancy Prongay & Murray LLP, CA 90067
    (310) 201-9150 (310) 432-1495 ·
First Identified Complaint (FIC) Filings:
No Document Title Filing Date
1 Class Action Complaint for Violations of the Federal Securities Laws 01/23/2017
2 U.S. District Court Civil Docket 05/01/2017
3 Proceedings: [In Chambers] Order Regarding Consolidation and Appointment of Lead Plaintiff 05/01/2017

Reference Complaint

In re Banc of California Securities Litigation

COURT: C.D. California
DOCKET #: 17-CV-00118
JUDGE: Hon. Cormac J. Carney
DATE FILED: 05/31/2017
CLASS PERIOD START: 10/29/2015
CLASS PERIOD END: 01/20/2017
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Robbins Geller Rudman & Dowd LLP (San Diego)
    655 West Broadway, Suite 1900, Robbins Geller Rudman & Dowd LLP (San Diego), CA 92101
    619.231.1058 619.231.7423 ·
  2. Sullivan, Ward, Asher & Patton, P.C.
    25800 Northwestern Highway, 1000 Maccabees Center, Sullivan, Ward, Asher & Patton, P.C., MI 48075-1000
    248.746.0700 248.746.0700 ·
Reference Complaint (REF) Filings:
No Document Title Filing Date
1 Consolidated Amended Complaint for Violation of the Federal Securities Laws 05/31/2017
2 Notice of Dismissal of Defendant James McKinney Pursuant to Federal Rule of Civil Procedure 41(a)(1)(A)(i) 07/26/2017
3 [In Chambers] Order Denying Motions to Dismiss 09/06/2017
4 U.S. District Court Civil Docket 05/31/2018
5 [In Chambers] Order Granting Motion to Certify Class 05/31/2018

Related District Court Filings

—Related District Court Filings Data is not available
 
 

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