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The filed complaint alleges that The Bancorp, Inc. made materially false and/or misleading statements and/or failed to disclose that: On October 24, 2024, Bancorp issued a press release announcing its financial results for the third quarter of 2024. Among other items, Bancorp reported GAAP earnings per share of $1.04, missing consensus estimates by $0.08. The Company attributed the disappointing results to the addition of "a new a new CECL factor . . . which increased the provision for credit losses and resulted in an after-tax reduction in net income of $1.5 million"; "[p]rior period interest income reversals on real estate bridge loans transferred to nonaccrual or modified, [which] resulted in an after-tax reduction in net income of $1.2 million"; and "[a] loss resulting from a transaction processing delay [which] increased non-interest expense and resulted in an after-tax reduction in net income of approximately $900,000." Following this news, Bancorp's stock price fell over 14% on October 25, 2024.
In order to be eligible to join the TBBK class action lawsuit, you must have incurred a loss on shares of The Bancorp, Inc. purchased during the class period listed above.
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