trending Market Intelligence /marketintelligence/en/news-insights/trending/7pQ0NbHV3MQMAbKqzRrcKg2 content
Log in to other products

Login to Market Intelligence Platform


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

Thank you for your interest in S&P Global Market Intelligence! We noticed you've identified yourself as a student. Through existing partnerships with academic institutions around the globe, it's likely you already have access to our resources. Please contact your professors, library, or administrative staff to receive your student login.

At this time we are unable to offer free trials or product demonstrations directly to students. If you discover that our solutions are not available to you, we encourage you to advocate at your university for a best-in-class learning experience that will help you long after you've completed your degree. We apologize for any inconvenience this may cause.

In This List

Banc of California faces lawsuit over blog allegations

Street Talk Episode 68 - As many investors zig away from bank stocks, 2 vets in the space zag toward them

Street Talk Episode 66 - Community banks tap the debt markets while the getting is good

Street Talk Episode 67 - Veteran investor tabs Mick Mulvaney to help with latest financial stock-focused fund

Street Talk Episode 65 - Deferral practices trap US bank portfolios in purgatory

Banc of California faces lawsuit over blog allegations

Irvine-based Banc of California Inc. faces a class-action suit seeking to recover damages for market losses related to the company's alleged ties to Jason Galanis.

The lawsuit was filed on behalf of Fernando Garcia and other investors who acquired securities from Oct. 29, 2015, to Jan. 20. It alleges that the defendants — Banc of California, Sugarman, and former company CFOs Ronald Nicolas Jr. and James McKinney — misled investors and failed to disclose the company's connections to Galanis.

In October 2016, a Seeking Alpha post claimed that the company's senior executives and board members had ties with Jason Galanis, who pleaded guilty in July 2016 to market manipulation and several charges of fraud. For its part, Banc of California said it was aware of these matters since 2015 and had immediately launched an independent investigation.

On Jan. 23, the company announced that Steven Sugarman, the company's chairman and CEO, has resigned. His resignation came more than a week after the SEC started its own probe on the blog allegations and issued a subpoena on Jan. 12.

On news of the alleged ties to Galanis, Banc of California's stock price fell $4.61 per share, or 29%, to close at $11.26 per share on Oct. 18, 2016, according to the lawsuit. Company shares also dropped on news of Sugarman's resignation, falling $1.50 per share, or nearly 10%, to close at $14.65 per share on Jan. 23.

The stock rose to $15.70 to close trading on Jan. 24.