May 13, 2016 - 8:30 AM EDT
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Hagens Berman Alerts First NBC Bank Holding Company (NASDAQ: FNBC) Investors to July 5, 2016 Lead Plaintiff Deadline in Restatement Securities Class Action

SAN FRANCISCO, May 13, 2016 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP, a national investor-rights law firm, alerts First NBC Bank Holding Company (NASDAQ:FNBC) investors to the newly filed securities class action lawsuit and the July 5, 2016 lead plaintiff deadline.

If you suffered significant losses because of your purchases of First NBC between May 10, 2013 and April 8, 2016 or have information that will help our investigation contact Hagens Berman Partner Reed Kathrein, who is leading the firm’s investigation by calling 510-725-3000, emailing [email protected] or visiting https://www.hbsslaw.com/cases/FNBC.  The lawsuit was filed in the U.S. District Court for the Eastern District of Louisiana and investors have until July 5, 2016 to move the court to participate as a lead plaintiff.

The litigation concerns Defendants’ misrepresentations and failures to disclose that First NBC improperly accounted for its Federal and State Historic Rehabilitation tax credit entities, it overstated the carrying value of certain assets, it understated its oil and gas industry exposure and its loss reserves were insufficient.  Its improper accounting dates back to 2011.

On February 1, 2016, First NBC announced disappointing earnings, in part because of impairment of tax credit assets.  It also announced its energy loan exposure grew to 4.5% of loans. In fact, the Company “had no specific reserves related to its oil and gas industry loans.” In response, its stock price dropped over 10% to close at $27.20 per share on February 2, 2016.

First NBC disclosed on March 16, 2016 that it improperly accounted for its Federal and State Historic Rehabilitation tax credit entities.  Its stock price dropped nearly 22% to close at $19.09 that day.

Finally, on April 8, 2016, First NBC disclosed it would restate certain financial data and investors should not rely on previously issued financial statements dating back to 2011.  First NBC’s stock price dropped 2% to close at $18.65 per share the next trading day.

“Transparency as to any bank’s asset quality, sector concentration and appropriate reserves are essential to safe and sound banking and to investor’s decisions,” said Hagens Berman partner Reed Kathrein.

Whistleblowers: Persons with non-public information regarding FNBC should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new SEC whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email [email protected].

About Hagens Berman
Hagens Berman is headquartered in Seattle, Washington with offices in 10 cities. The Firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the Firm and its successes can be found at www.hbsslaw.com. Read the Firm’s Securities Newsletter, and visit the blog. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.

Contact:
Reed Kathrein, 510-725-3000

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Source: GlobeNewswire (May 13, 2016 - 8:30 AM EDT)

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