SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of The Bancorp, Inc. - TBBK
SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of The Bancorp, Inc. - TBBK
PR Newswire
NEW YORK, April 12, 2024
NEW YORK, April 12, 2024 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of The Bancorp, Inc. ("TBBK" or the "Company") (NASDAQ: TBBK). Such investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, ext. 7980.
The investigation concerns whether TBBK and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
[Click here for information about joining the class action]
On March 21, 2024, TBBK shares sharply declined after activist short seller Culper Research ("Culper") took aim at the bank holding company, alleging that TBBK has misrepresented the quality of its real estate bridge loan ("REBL") portfolio and contending that TBBK's related loss reserves are woefully inadequate. The report, entitled "The Bancorp Inc. (NASDAQ TBBK): Bridge to Nowhere," was based on Culper's loan-by-loan analysis, visits to 21 different TBBK-funded properties in the prior 2 weeks, conversations with former TBBK employees including a REBL underwriter, and conversations with several TBBK borrowers/syndicators. Culper further stated that "TBBK's book also appears rife with unsophisticated syndicated borrowers[]" with "'get rich quick dreams' who believed that they could easily rehab units, fill them with tenants, increase rents, and cash out for quick 'passive' returns." But, the analyst continued, "for these properties, none of these things have happened: costs have skyrocketed, vacancies remain high, rents have remained relatively stagnant, and interest rates have more than doubled." In Culper's view "TBBK's $4.7 million in reserves, at just 0.24% of its REBL book, are a total farce."
On this news, TBBK's stock price fell $3.63 per share, or 10.15%, to close at $32.12 per share on March 21, 2024.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT:
Danielle Peyton
Pomerantz LLP
dpeyton@pomlaw.com
646-581-9980 ext. 7980
View original content to download multimedia:https://www.prnewswire.com/news-releases/shareholder-alert-pomerantz-law-firm-investigates-claims-on-behalf-of-investors-of-the-bancorp-inc---tbbk-302115616.html
SOURCE Pomerantz LLP
-
After Earnings, Is Albemarle Stock a Buy, a Sell, or Fairly Valued?
-
Is ServiceNow Stock a Buy After Earnings and Its Investor Day?
-
3 Stocks to Buy and 3 Stocks to Sell After Earnings
-
Markets Brief: Is It Really a Surprising Quarter for Earnings?
-
After Earnings, Is Berkshire Hathaway Stock a Buy, a Sell, or Fairly Valued?
-
For Bond Investors, Delayed Rate Cuts Demand a Different Playbook
-
What’s Happening In the Markets This Week
-
How the Tokyo Stock Exchange Is Pushing for Better Shareholder Returns
-
Occidental Earnings: CrownRock Transaction Should Still Close, but Not Until the Third Quarter
-
After Earnings, Is Apple Stock a Buy, a Sell, or Fairly Valued?
-
Uber Earnings: Network Effect Continues to Drive Profitable Growth for Uber
-
Undervalued by 28%, This Stock Is a Buy for Patient Investors
-
10 Best Growth Stocks to Buy for the Long Term
-
The Best Technology Stocks to Buy
-
After Earnings, Is Coke Stock a Buy, a Sell, or Fairly Valued?
-
Disney Earnings: Improved Streaming Results Come at the Expense of Continued Linear Weakness