NEW ORLEANS, Oct. 6, 2017 /PRNewswire/ -- Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC ("KSF"), announces that KSF has commenced an investigation into Banc of California, Inc. (NYSE: BANC).
On October 18, 2016, SeekingAlpha published an article revealing alleged connections between the Company's senior executives and Jason Galanis, a financier who had pled guilty to securities fraud resulting from "multiple schemes to defraud investors of millions of dollars." On January 23, 2017, the Company disclosed that its October 18, 2016 rebuttal press release (denying the Galanis allegations) had contained false statements, that the SEC was investigating the matter and that the Company's CEO had resigned. The following months saw an exodus of the Company's executives and board members.
The Company's actions, directed by its executives, have exposed it to significant financial losses, an exodus of high-level personnel and an SEC investigation, among other things. The Company has been sued in a securities class action lawsuit for failing to disclose material information, violating federal securities laws. Recently, the court in that case denied the Company's motion to dismiss, allowing the case to move forward. A shareholder derivative lawsuit has also recently been filed against the Company's current and former executives.
KSF's investigation is focusing on whether Banc of California's officers and/or directors breached their fiduciary duties to its shareholders or otherwise violated state or federal laws.
If you have information that would assist KSF in its investigation, or have been a long-term holder of Banc of California shares and would like to discuss your legal rights, you may, without obligation or cost to you, call toll-free at 1-877-515-1850 or email KSF Managing Partner Lewis Kahn (firstname.lastname@example.org).
About Kahn Swick & Foti, LLC
KSF, whose partners include the Former Louisiana Attorney General Charles C. Foti, Jr., is a law firm focused on securities, antitrust and consumer class actions, along with merger & acquisition and breach of fiduciary litigation against publicly traded companies on behalf of shareholders. The firm has offices in New York, California and Louisiana.
To learn more about KSF, you may visit www.ksfcounsel.com.
Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner
206 Covington St.
Madisonville, LA 70447
SOURCE Kahn Swick & Foti, LLC
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