Levi & Korsinsky announces the commencement of a class action lawsuit in the USDC for the Eastern District of Louisiana on behalf of First NBC Bank Holding Company (“First NBC” or the “Company”) (NASDAQ: FNBC) shareholders who purchased shares between May 10, 2013 and April 8, 2016.
The complaint alleges that throughout the Class Period, defendants issued materially false and/or misleading statements and/or failed to disclose adverse facts regarding First NBC’s business and financial results, particularly in regards to improper accounting. On February 1, 2016, First NBC announced disappointing fourth quarter and fiscal year 2015 earnings based largely on an $8.2 million tax credit impairment. Then on March 16, 2016, the Company announced the discovery of errors in its accounting for its Federal and State Historic Rehabilitation tax credit entities. Then on April 8, 2016, First NBC announced it would be forced to restate its consolidated financial statements for fiscal 2014, 2013, 2012, and 2011, including all interim periods within fiscal years 2015, 2014, and 2013, and that its financial statements for fiscal years 2011 through 2015 could no longer be relied upon.
If you suffered a loss in First NBC you have until July 5, 2016 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
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