An investigation for investors in NASDAQ:TBBK shares was announced concerning possible breaches of fiduciary duties by certain directors at Bancorp Inc.
Investors who purchased shares of Bancorp Inc (NASDAQ:TBBK) 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 Bancorp directors breached their fiduciary duties and caused damage to the company and its shareholders.
On April 23, 2014, Bancorp Inc announced financial results for the first quarter of 2014, reporting that net income for the period decreased to $298,000, or fully diluted earnings per share of $.01, compared to net income of $7.4 million or $.20 per diluted share for the comparable period in 2013. According to Bancorp Inc’s Chief Executive Officer, the quarter was significantly impacted by an additional loan loss provision of $11.8 million principally related to “newly identified adversely classified loans”.
On June 10, 2014, Bancorp Inc disclosed that The Bancorp Bank (the “Bank”), a wholly owned subsidiary of The Bancorp, Inc., entered into a Stipulation and Consent to the Issuance of a Consent Order (the “Order”) with the Federal Deposit Insurance Corporation (the “FDIC”). Bancorp Inc said that the Order requires Bancorp Inc to take certain affirmative actions to comply with its ank’s Bank Secrecy Act obligations, among them: appoint a qualified ank’s Bank Secrecy Act /OFAC officer; revise the written ank’s Bank Secrecy Act Compliance Program; develop and implement additional policies and procedures for suspicious activity monitoring and reporting; review and enhance customer due diligence and risk assessment processes; review past account activity to determine whether suspicious activity was properly identified and reported; strengthen internal controls, including augmenting Board oversight regarding ank’s Bank Secrecy Act activities; establish an independent testing program and develop policies and procedures to govern staffing and training for ank’s Bank Secrecy Act compliance.
In July 2014 a lawsuit was filed against the Bancorp Inc over alleged securities laws violations. The plaintiff alleges that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that Defendants made allegedly false and/or misleading statements and/or failed to disclose that Bancorp Inc had under-reserved for loan losses due to adverse loans, that Bancorp Inc’s operations and credit practices were in violation of the Bank Secrecy Act (“BSA”), and that as a result of the above, Bancorp Inc’s financial statements were materially false and misleading at all relevant times.
Those who purchased NASDAQ:TBBK shares have certain options and should contact the Shareholders Foundation.
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