SHAREHOLDER ALERT: Brower Piven Encourages Investors Who Have Losses In Excess Of $100,000 From Investment In The Bancorp, In...
July 30 2014 - 4:53PM
Business Wire
The securities litigation law firm of Brower Piven, A
Professional Corporation, announces that a class action lawsuit has
been commenced in the United States District Court for the District
of Delaware on behalf of purchasers of The Bancorp, Inc. (“The
Bancorp” or the “Company”) (NasdaqGS: TBBK) common stock during the
period between April 24, 2013 and June 10, 2014, inclusive (the
“Class Period”).
If you have suffered a loss from investment in The Bancorp
common stock purchased on or after April 24, 2013 and held through
the revelation of negative information during and/or at the end of
the Class Period, as described below, and would like to learn more
about this lawsuit and your ability to participate as a lead
plaintiff, without cost or obligation to you, please visit our
website at http://www.browerpiven.com/currentsecuritiescases.html.
You may also request more information by contacting Brower Piven
either by email at hoffman@browerpiven.com or by telephone at (410)
415-6616. No class has yet been certified in the above action.
Members of the Class will be represented by the lead plaintiff and
counsel chosen by the lead plaintiff.
If you wish to choose counsel to represent you and the Class,
you must apply to be appointed lead plaintiff no later than
September 16, 2014 and be selected by the Court. The lead plaintiff
will direct the litigation and participate in important decisions
including whether to accept a settlement and how much of a
settlement to accept for the Class in the action. The lead
plaintiff will be selected from among applicants claiming the
largest loss from investment in Company units during the Class
Period.
The complaint accuses the defendants of violations of the
Securities Exchange Act of 1934 by virtue of the defendants’
failure to disclose during the Class Period that the Company had
under-reserved for loan losses and that its operations and credit
practices were in violation of the Bank Secrecy Act. According to
the complaint, following the Company’s April 23, 2014 announcement
that the financial results for the first quarter of 2014 were
significantly impacted by loan loss provisions principally related
to newly identified adversely classified loans, and following the
June 10, 2014 disclosure that the Company had entered into a
Stipulation and Consent to the Issuance of a Consent Order with the
FDIC to correct the weaknesses in its Bank Secrecy Act Compliance
Program, the value of The Bancorp shares declined
significantly.
Attorneys at Brower Piven have extensive experience in
litigating securities and other class action cases and have been
advocating for the rights of shareholders since the 1980s. If you
choose to retain counsel, you may retain Brower Piven without
financial obligation or cost to you, or you may retain other
counsel of your choice. You need take no action at this time to be
a member of the class.
Brower Piven, A Professional CorporationCharles J. Piven,
410-415-66161925 Old Valley RoadStevenson, Maryland
21153hoffman@browerpiven.com
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