First NBC Bank Holding Company (NASDAQ:FNBC) Investor Securities Class Action Lawsuit 05/05/2016

If you purchased a significant amount of shares of First NBC Bank Holding Company (NASDAQ:FNBC) between May 10, 2013 and April 8, 2016, and / or if you purchased any NASDAQ:FNBC shares prior to May 2013 and continue to hold any of those shares, you have certain options and for certain investors are short and strict deadlines running. Deadline: July 5, 2016. NASDAQ:FNBC investors should contact the Shareholders Foundation, Inc.

To have your information reviewed for options and to recieve notifications about this case, please use this form. You may also send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Company Name(s): 
First NBC Bank Holding
Case Name: 
First NBC Bank Holding Shareholder Class Action Lawsuit 05/05/2016
Case Status: 
Lawsuit Filed
Affected Securities
NASDAQ: FNBC
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
05/05/2016
Class Period Begin: 
05/10/2013
Class Period End: 
04/08/2016
Court of Filing: 
U.S. District Court for the Eastern District of Louisiana
Deadline To File for Lead: 
07/05/2016
Summary: 

May 05, 2016 (Shareholders Foundation) - An investor, who purchased shares of First NBC Bank Holding Company (NASDAQ:FNBC), filed a lawsuit in the U.S. District Court for the Eastern District of Louisiana over alleged violations of Federal Securities Laws by First NBC Bank Holding Company in connection with certain allegedly false and misleading statements made between May 10, 2013 and April 8, 2016.

According to the complaint the plaintiff alleges on behalf of purchasers of First NBC Bank Holding Company (NASDAQ:FNBC) common shares between May 10, 2013 and April 8, 2016, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between May 10, 2013 and April 8, 2016 defendants issued materially false and misleading statements and/or failed to disclose adverse facts regarding First NBC Bank Holding Company’s business and financial results, including that First NBC Bank Holding Company had improperly accounted for certain of its tax credit entities, that the carrying value of its investments in tax credits on its books was overstated and these investments should have been marked as impaired and charges taken against them on a more timely basis, and that First NBC Bank Holding Company had a larger exposure to the oil and gas industry than it had disclosed between May 10, 2013 and April 8, 2016 and had failed to take adequate reserves against this growing exposure, and that as a result of these false and misleading statements and omissions, First NBC Bank Holding Company stock traded at artificially inflated prices between May 10, 2013 and April 8, 2016, reaching a high of $42.47 per share.

On August 11, 2015, First NBC Bank Holding Company revealed that it identified errors in its accounting for certain of its tax credit entities investments in preparing its Form 10-Q for the quarter ended June 30, 2015 and that as a result, First NBC Bank Holding Company requires additional time to complete and file its Form 10-Q.

On February 1, 2016, First NBC Bank Holding Company announced that its earnings for the fourth quarter and fiscal year 2015 had significantly underperformed analysts’ expectations, based, in large part, on the Company having taken an $8.2 million tax credit impairment.

On March 16, 2016, First NBC Bank Holding Company disclosed that it would be unable to timely file its Form 10-K for the year ended December 31, 2015 due to errors in its accounting for its Federal and State Historic Rehabilitation tax credit entities and evaluation of its accounting for certain other matters. First NBC Bank Holding Company 1, 2016 should not be relied upon pending the filing of Form 10-K.

On April 8, 2016, First NBC Bank Holding Company announced that it would be forced to restate its consolidated financial statements for fiscal years 2014, 2013, 2012 and 2011, including each of the interim periods within fiscal years 2015, 2014 and 2013 – the Company’s entire reporting history as a publicly traded company – and that the Company’s financial statements for fiscal years 2011 through 2015 could no longer be relied upon. First NBC Bank Holding Company blamed “an error in the Company’s methodology for the recognition of impairment of its investment in tax credit entities” and disclosed that “the Company had not properly consolidated variable interest entities related to Low-Income Housing Tax Credit entities.”

Shares of First NBC Bank Holding Company (NASDAQ:FNBC) over $42 per share in late 2015 to as low as $18.50 per share on April 11, 2016.