With over 30 branches in Southern California, Banc of California provides commercial banking and home lending services to diverse individuals,.
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.
On September 17, 2019, the parties notified the Court that they had reached a Settlement in principle. On October 28, the parties entered into a Stipulation of Settlement. On December 4, the Court granted preliminary approval of the Settlement. On March 16, 2020, the Court granted final approval of the Settlement and entered Final Judgment.