Kehoe Law Firm, P.C. is investigating potential securities fraud claims on behalf of investors of The Bancorp, Inc. (“The Bancorp,” “Bancorp” or the “Company”) (NASDAQ:TBBK).
The Bancorp Reports It Inappropriately Filed its Annual Report on Form 10-K
On March 4, 2025, The Bancorp reported that “[o]n March 3, 2025, [it] . . . inappropriately filed its Annual Report on Form 10-K for the fiscal year ended December 31, 2024 (the ‘Annual Report’).”
The Company reported that “[a]fter receiving notification on March 3, 2025 from the Company’s independent public accounting firm, Crowe LLP, on March 4, 2025, the Audit Committee of the Board of Directors concluded that the Company’s filed financial statements for the fiscal years ended December 31, 2022 through 2024 as shown in the Annual Report, should no longer be relied upon . . ..”
The Bancorp further reported that it “. . . is working expeditiously to perform and complete additional closing procedures related to accounting for consumer fintech loans in the allowance for credit losses and to file an amended Annual Report on Form 10-K/A to issue its financial statements for the fiscal years ended December 31, 2022 through 2024 to include Crowe’s and Grant Thornton LLP’s audit opinions and related consents. The Company is evaluating the impact of this non-reliance on its conclusions regarding disclosure controls and procedures and internal control over financial reporting.”
The Bancorp is Continuing to Evaluate Its Conclusions Regarding Internal Control Over Financial Reporting
On March 10, 2025, Bancorp reported that it “. . . expects to record an adjustment to the allowance for loan losses and provision expense associated with consumer fintech loans outstanding at the end of the period, and record a like amount, to the consumer fintech loan credit enhancement on the balance sheet and non-interest income, with no net income impact.”
The Company also reported that it “. . . is continuing to evaluate its conclusions regarding disclosure controls and procedures, and internal control over financial reporting.”
Bancorp Investors: Learn More About Your Legal Options
Investors of The Bancorp who suffered financial losses are encouraged to complete KLF’s Stockholder Information Request Form or send us a message to contact an attorney for a free, no-obligation legal evaluation.
For direct inquiries, investors of The Bancorp should contact Michael Yarnoff, Esq., (215) 792-6676, Ext. 804, [email protected], [email protected].
About Kehoe Law Firm, P.C.
Kehoe Law Firm, P.C. is a nationally recognized, plaintiff-side class action firm dedicated to protecting investors and consumers from fraud and misconduct. Our attorneys have served as Lead or Co-Lead Counsel in major securities cases, recovering over $10 billion for institutional and individual investors.
Our firm litigates securities fraud, fiduciary breaches, unfair mergers and acquisitions, and antitrust violations, while also representing whistleblowers and advocating for victims of data breaches, consumer fraud, vehicle and product defects, employment law violations, retirement plan mismanagement, and other corporate and business misconduct. With a results-driven approach, we pursue justice and substantial recoveries for those we represent.
KLF’s class action legal services are provided on a contingency-fee basis, meaning clients are not responsible for any fees or litigation expenses.
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