SAN DIEGO, CA / ACCESSWIRE / September 19, 2017 / The Shareholders Foundation, Inc. announces that a lawsuit is pending for investors who purchased NYSE: BANC shares against Banc of California Inc. over alleged Securities Laws Violations.

Investors, who purchased shares of Banc of California Inc. (NYSE: BANC) prior to August 2015 and currently hold any of their NYSE: BANC shares, have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

On October 18, 2016, an article was published claiming, among other things, that certain Banc of California insiders had undisclosed ties to individuals previously accused of involvement with the collapse of Gerova Financial.

On January 23, 2017, Banc of California Inc. announced the resignation of its CEO, Steven A. Sugarman, and that the United States Securities and Exchange Commission ("SEC") had opened an investigation into whether the Company had misled investors in its response to the October 2016 report disclosing a connection between the Banc of California and an alleged fraudster named Jason Galanis.

On January 23, 2107, a lawsuit was filed against Banc of California Inc. over alleged securities laws violations. The plaintiff claims that the 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 that the Company had extensive ties to an alleged "fraudster" named Jason Galanis ("Galanis"), that, given Galanis' history, the Company's ties to Jason Galanis created substantial regulatory risk, that revelation of Jason Galanis' ties to the Company could cause a substantial decline in the market price of the Company's securities, that the Company allegedly misled investors concerning the Company's connections with Jason Galanis, and that, as a result of the foregoing, Defendants' positive statements about Banc of California's business.

In May 2017 an amended consolidated complaint was filed and in June 2017 the defendants filed their motion to dismiss the case. On September 6, 2017, the judge denied the motions to dismiss the case.

Those who purchased Banc of California Inc. (NYSE: BANC) shares should contact the Shareholders Foundation, Inc.

The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

CONTACT:

Shareholders Foundation, Inc.
Michael Daniels
+1 (858) 779-1554
mail@shareholdersfoundation.com
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108

SOURCE: Shareholders Foundation, Inc.