Banc of California
Settlement of In re Banc of California Securities Litigation
Case No. SACV 17-00118 AG (DFMx)
The parties have reached a Settlement of this Litigation, which was pending in the United States District Court for the Central District of California, Southern Division. The Settlement provides for the payment of $19,750,000 for the benefit of eligible Class Members. Lead Plaintiff Iron Workers Local No. 25 Pension Fund alleged that throughout the Class Period, Defendants violated the Securities Exchange Act of 1934 by disseminating false and misleading statements to the investing public. As a result of Defendants’ false statements, Banc of California, Inc.’s (“Banc”) stock traded at artificially inflated prices during the Class Period.
The Class consists of all persons and entities who purchased or otherwise acquired Banc common stock during the period from April 15, 2016 through January 20, 2017, inclusive, and were damaged thereby. Excluded from the Class are Defendants, present or former executive officers and directors of Banc and their immediate family members (as defined in 17 C.F.R. §229.404, Instructions (1)(a)(iii) and (1)(b)(ii)).
The Settlement was approved by the Court on March 16, 2020.
If you have any questions about the Settlement or the Litigation, please contact Rick Nelson at 1-800-449-4900.