First NBC Bank Holding Company (NASDAQ:FNBC) Investor Investigation Over Potential Securities Laws Violations Announced

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

August 18, 2015 (Shareholders Foundation) - An investigation on behalf of investors of First NBC Bank Holding Company (NASDAQ:FNBC) shares over potential securities laws violations by First NBC Bank Holding and certain of its directors and officers in connection certain financial statements was announced.

The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of First NBC Bank Holding Company (NASDAQ:FNBC) concerning whether a series of statements by First NBC Bank Holding regarding its business, its prospects and its operations were materially false and misleading at the time they were made.

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 August 12, 2015 shares of First NBC Bank Holding Company (NASDAQ:FNBC) declined to as low as $34.83 per share.