Banc of California (NYSE:BANC)
Kehoe Law Firm, P.C. is investigating claims on behalf of investors to determine whether Banc of California and certain of its officers or directors engaged in securities fraud or other unlawful business practices.
On December 8, 2017, Bloomberg reported:
Banc of California Inc., the lender under investigation by U.S. regulators after a short seller linked it to an imprisoned con man, inflated profits and ignored a top executive using company funds to pay for strippers, according to a whistle-blower lawsuit.
A management decision to reverse accrued employee bonuses caused the company to improperly carry over revenues generated in 2016 to make it look more profitable this year, according to the lawsuit filed Thursday by Heather Endresen, who was most recently a managing director for the bank’s Small Business Administration’s loan program. Endresen said she was wrongfully terminated after complaining about the shifting pool of bonuses as well as the behavior of the company’s then-chief financial officer Francisco Turner.
Turner used company funds to pay for strippers and had sex with employees in his office, according to the complaint. He also used drugs and pressured junior employees to join him, Endresen alleged.
On this news, Banc of California’s share price fell $0.60, or 2.76%, to close at $21.15 on December 8, 2017.
Have You Purchased or Acquired Banc of California Shares?
If you purchased or otherwise acquired Banc of California (NYSE:BANC) shares and would like to speak privately with a securities attorney to learn whether you may have legal claims, please complete the form to the right or contact John Kehoe, Esq., (215) 792-6676, Ext. 801, [email protected] or send an e-mail to [email protected].
Kehoe Law Firm, P.C. is a multidisciplinary, plaintiff–side law firm dedicated to protecting investors and consumers from corporate fraud, negligence, and other wrongdoing. Driven by a strong and principled sense of social responsibility and obtaining justice for the aggrieved, Kehoe Law Firm, P.C. represents plaintiffs seeking to recover investment losses resulting from securities fraud, breaches of fiduciary duty, corporate wrongdoing or malfeasance, those harmed by anticompetitive practices, and consumers victimized by fraud, false claims, deception or data breaches. Together, the partners of Kehoe Law Firm, P.C. have spent more than 30 years prosecuting precedent-setting securities and financial fraud cases in federal and state courts on behalf of institutional and individual clients.