SAN FRANCISCO, CA--(Marketwired - June 29, 2016) - Hagens Berman Sobol Shapiro LLP, a national investor-rights law firm, reminds First NBC Bank Holding Company (NASDAQ: FNBC) investors of the July 5, 2016 Lead Plaintiff deadline in the securities class action lawsuit filed in the United States District Court for the Eastern District of Louisiana.
If you purchased or otherwise acquired securities of First NBC Bank Holding Company ("First NBC" or the "Company") between May 10, 2013 and April 8, 2016 and suffered $200,000 or more in losses, contact Hagens Berman Sobol Shapiro LLP partner Reed Kathrein, who is leading the firm's investigation by calling 510-725-3000, emailing FNBC@hbsslaw.com or visiting https://www.hbsslaw.com/cases/FNBC.
Recently, on June 21, 2016, the Company announced that NASDAQ accepted its plan to regain compliance with the NASDAQ's listing rules. First NBC has been -- and is -- noncompliant with listing rules because it still has not filed its 2015 Form 10-K or its 1st quarter 2016 Form 10-Q.
The Company's delays and noncompliance are the result of its need to restate financial statements going back to 2011 to correct defendants' improper accounting for Federal and State Historic Rehabilitation tax credit entities, overstatement of carrying values of certain assets, understatement of oil and gas industry exposure and insufficient loss reserves.
Leading up to the restatement announcement, First NBC announced on February 1, 2016 the impairment of its tax credit assets and its energy loan growth (to 4.5% of loans) for which it had no specific reserves. In response, the Company's stock price dropped over 10%.
Its stock price dropped nearly 22% on March 16, 2016 when the Company revealed that it improperly accounted for its Federal and State Historic Rehabilitation tax credit entities. Then on April 8, 2016, First NBC announced a restatement was required, and its stock price dropped 2%.
"Transparency as to any bank's asset quality, sector concentration and appropriate reserves are essential to safe and sound banking and to investor's decisions," said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding First NBC should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new SEC Whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email FNBC@hbsslaw.com.
About Hagens Berman
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