SAN DIEGO, Jan. 18, 2018 /PRNewswire/ -- Shareholder
rights law firm Johnson Fistel, LLP reminds investors that a class
action lawsuit has been filed against Triangle Capital Corporation
("Triangle") (NYSE: TCAP) on behalf of all purchasers of common
stock during the period between May 7,
2014 and November 1, 2017,
inclusive (the "Class Period").
If you wish to serve as a lead plaintiff, you must move the
Court no later than January 22, 2018.
If you wish to discuss this action, have any questions concerning
this notice, or your rights or interests, please contact lead
analyst Jim Baker
(jimb@johnsonfistel.com) at 619-814-4471. If you email, please
include your phone number. If you are a member of this class,
you can view a copy of the complaint as filed or join this class
action online at http://www.johnsonfistel.com. Any member of
the putative class may move the Court to serve as lead plaintiff
through counsel of their choice or may choose to do nothing and
remain an absent class member.
The complaint alleges that during the Class Period, defendants
made false and misleading statements and failed to disclose adverse
information regarding Triangle's business and prospects.
Specifically, the complaint alleges that defendants failed to
disclose that, as early as 2013, Triangle's investment
professionals had internally recommended moving away from mezzanine
loan deals due to changes in the market that no longer made these
investments attractive risk-reward opportunities. As a result, the
Company's entire vintage of 2014 and 2015 investments were at
substantial risk of non-accrual because of the poor quality of the
investments and deficient underwriting practices in place at the
time of the investments. As a consequence, Triangle's business,
prospects and ability to maintain its dividend level were
materially impaired. As a result of defendants' false statements
and omissions during the Class Period, the price of Triangle stock
was artificially inflated, reaching a high of more than
$28 per share.
On August 2, 2017, Triangle
announced its financial results for the quarter ended June 30, 2017, revealing that the amount of full
non-accrual assets in the Company's portfolio had increased to 5.4%
and 2.5% as a percentage of the Company's total portfolio at cost
and at fair value, respectively. Moreover, the Company disclosed
that it had moved two investments to payment-in-kind non-accrual
status during the quarter. On this news, the price of Triangle
stock declined nearly 15%, or $2.56
per share, to close at $14.63 per
share by August 4, 2017.
Then, on November 1, 2017,
Triangle announced its financial results for the quarter ended
September 30, 2017, revealing that
the fair value of the Company's investment portfolio had declined
nearly 7% from the prior quarter and that it had suffered
$8.9 million in net realized losses
and $65.8 million in net unrealized
depreciation to its portfolio during the quarter. The Company also
disclosed that it had moved seven investments to full non-accrual
status during the quarter and that the amount of investments on
non-accrual had ballooned to 13.4% and 4.7% of the Company's total
portfolio at cost and fair value, respectively. On this news, the
price of Triangle stock declined nearly 21%, or $2.57 per share, to close at $9.68 per share by November 2, 2017.
Plaintiff seeks to recover damages on behalf of all
purchasers of Triangle common stock during the Class
Period.
About Johnson Fistel,
LLP:
Johnson Fistel, LLP is a nationally
recognized shareholder rights law firm with offices in California, New
York and Georgia. The firm
represents individual and institutional investors in shareholder
derivative and securities class action lawsuits. For more
information about the firm and its attorneys, please visit
http://www.johnsonfistel.com. Attorney advertising. Past results do
not guarantee future outcomes.
Contact:
Johnson Fistel, LLP
Jim Baker, 619-814-4471
jimb@johnsonfistel.com
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SOURCE Johnson Fistel, LLP