Bancorp receives securities class action lawsuit

A law office recently noted that it filed a securities class action lawsuit against a financial holding company due to allegations of federal securities law violations.

Pomerantz, LLP, noted that the litigation was filed in the U.S. District Court for the District of Delaware against The Bancorp, Inc. This includes all shareholders who acquired interests in the company during the class period between April 24, 2013 and June 10, 2014.

The allegations surround the company's leaders making a number of statements that were either false or misleading regarding its business, compliance and operational matters. Due to this, there is a possibility that the leaders violated the Securities Exchange Act of 1934.

It is an option for shareholders to take up the lead plaintiff position in the case. In order to do this, shareholders will need to file all necessary paperwork by Sept. 15, 2014. The individual will need to be approved by the court as an adequate representative of the class. This is not a mandatory action, and shareholders still have the option to remain absent class members, still being able to collect in the event of a payout.

Shareholders also have the ability to discuss the lawsuit, lead plaintiff position and how the process may affect them. It is possible to speak with the law firm. The best person to contact is Robert Willoughby, and he can be reached by telephone or email. Any individuals who make contact through email should list their mailing address, telephone and the number of The Bancorp shares owned.

Second lawsuit filed
Another law office noted that it filed litigation against the company for many of the aforementioned reasons.

Law firm Gainey McKenna and Egleston explained that it filed the class action lawsuit in the same court for the aforementioned class period. The allegations of federal securities law violations were due to statements related to the company's under-reserved loan losses and its credit practices being in violation of the Bank Secrecy Act. When the information was made public, the company had its stock drop more than 15 percent. This occurred again when it filed Form 8-K with the Securities Exchange Commission.

Contacting the law office to learn more about this case is an option. The best people to speak with are Thomas McKenna and Gregory Egleston. They can be reached by telephone or email.