The Shareholders Foundation announces that an investigation on behalf of current long-term investors in shares of First Bancorp (NASDAQ:FBNC) shares was launched over potential breaches of fiduciary duties by certain officers and directors at First Bancorp.
Investors who purchased shares of First Bancorp (NASDAQ:FBNC) have certain options and should contact the Shareholders Foundation at email@example.com or call +1(858) 779 – 1554.
The investigation by a law firm concerns whether certain First Bancorp (NASDAQ:FBNC officers and directors breached their fiduciary duties and caused damage to the company and its shareholders.
Shares of First Bancorp (NASDAQ:FBNC) grew from $8.54 per share in July 2012 to as high as $19.30 per share in early 2014.
On March 13, 2015, First Bancorp filed its annual report with the Securities and Exchange Commision. First Bancorp reported that its Net loss of $23.41 million in 2012 turned into a Net Income of $25.00 million in 2014. Among other things, First Bancorp also said that in November 2014, First Bancorp received a “Wells Notice” letter from the Securities and Exchange Commission relating to an investigation into First Bancorp’s alleged failure to disclose certain related party transactions between First Bancorp and certain of its officers and/or directors or their immediate family members during the period from 2009 through 2011. First Bancorp said that in the letter, the staff of Securities and Exchange Commission indicated its preliminary conclusion to recommend that the Commission authorize the staff to file an enforcement action against First Bancorp for violations of Exchange Act Sections 13(a) and Rules 13a-1 and 13a-15 thereunder.
On April 20, 2015, NASDAQ:FBNC shares closed at $16.89 per share.
Those who purchased shares of First Bancorp (NASDAQ:FBNC) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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