First NBC Bank Holding Company (NASDAQ:FNBC) Investor Investigation Concerning Potential Wrongdoing By Certain Directors Announced

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Company Name(s): 
First NBC Bank Holding
Affected Securities: 
NASDAQ: FNBC

March 22, 2016 (Shareholders Foundation) - An investigation on behalf of current long-term investors in shares of First NBC Bank Holding Company (NASDAQ:FNBC) was announced over potential breaches of fiduciary duties by certain officers and directors at First NBC Bank Holding.

The investigation by a law firm concerns whether certain First NBC Bank directors breached their fiduciary duties and caused damage to the company and its shareholders.

First NBC Bank Holding Company reported that its Net Income increased from $19.44 million in 2011 to $55.59 million in 2014. Shares of First NBC Bank Holding Company (NASDAQ:FNBC) grew from $30.96 per share in January 2015 to $39.75 per share in July 2015.

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 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.

Shares of First NBC Bank Holding Company (NASDAQ:FNBC) declined from $25.26 per share on March 16, 2016 to $16.31 per share on March 17, 2016.