News Summary
A class action lawsuit has been initiated against The Bancorp, Inc. (TBBK) for failing to disclose material information between January 25, 2024, and March 4, 2025. Investors are urged to take action before the deadline for lead plaintiff applications on May 16, 2025. This legal action follows The Bancorp’s troubling announcement regarding its fiscal year 2024 report, raising serious concerns about the company’s financial practices and resulting in a sharp decline in share prices.
Wilmington, Delaware – Class Action Lawsuit Alert!
Attention all investors! A class action lawsuit is coming into the spotlight against The Bancorp, Inc. (you might recognize their ticker symbol, TBBK), and if you’ve jumped on board with their securities between January 25, 2024, and March 4, 2025, you’ll want to pay close attention. Time is of the essence here, as the deadline for lead plaintiff applications is looming just around the corner on May 16, 2025.
The Details You Need to Know
This lawsuit is being pursued in the United States District Court for the District of Delaware. Is there any juicy information surrounding the case? Absolutely! The Bancorp and its executives are being accused of failing to disclose material information during the class period—an act that could be considered a violation of federal securities laws. This could spell trouble for the company and those who invested during that time.
A Major Announcement that Shook the Market
Mark your calendars for March 4, 2025, when The Bancorp shocked investors by announcing they wouldn’t be able to timely file their fiscal year 2024 annual report. Yes, you read that right. The company sent shockwaves through the market when they stated that their financial statements for the years ended December 31, 2022, through 2024 should no longer be relied upon. Why? They lacked auditor approval! This was a significant red flag that caught the attention of many.
To make matters worse, The Bancorp revealed that they are currently working through their accounting for consumer fintech loans to finalize an amended annual report. The implications of non-reliance on previous financial statements could have far-reaching consequences, particularly regarding their disclosure controls and internal control over financial reporting. This scenario begs the questions that most investors would want answers to: What went wrong, and how might it impact their investments?
Investors React: A Plummet in Share Prices
Following this bombshell announcement, investors reacted swiftly. On March 5, 2025, shares of The Bancorp took a nosedive, falling by $2.34, which is a staggering 4.38% drop, closing at $51.25 per share. The heavy trading volume suggests that many investors were scrambling to understand the implications for their portfolios.
The Formal Case Information
If you’re looking for the technical side of things, the class action case is formally titled Linden v. The Bancorp, Inc., et al., No. 25-cv-326. Investors wishing to discuss their legal rights, or explore potential avenues for recovery from investment losses tied to corporate misconduct, can reach out to the legal team at Kahn Swick & Foti, LLC, commonly known as KSF.
KSF’s Reach and Services
For those who may not know, KSF has established a solid reputation in serving a diverse clientele, which includes both public and private institutional investors as well as retail investors. Their mission? To help clients recover losses that stem from corporate fraud. KSF has offices scattered across various states—New York, Delaware, California, Louisiana, Chicago, and New Jersey—along with a representative office in Luxembourg! This solid infrastructure means they are well-equipped to assist in cases like this one.
Getting Involved
For anyone interested in understanding more about this situation or seeking support, feel free to visit KSF’s official website. They are there to guide you through the process and ensure that your rights as an investor are protected.
In conclusion, if you have any involvement with The Bancorp during the specified timeframe, now is the time to take action. Don’t let this opportunity pass you by, as May 16 is just around the corner!
Deeper Dive: News & Info About This Topic
- Business Wire: The Bancorp Shareholder Alert
- Fox 8 Live: New Orleans Bank Sues
- NOLA: Federal Regulator Sues Auditor Ernst & Young
- Encyclopedia Britannica: Class Action Lawsuit
- Google Search: The Bancorp News
