|[June 13, 2014]
ATTENTION THE BANCORP INC. SHAREHOLDERS: Shareholder Rights Law Firm Johnson & Weaver, LLP Announces Investigation of The Bancorp Inc.
SAN DIEGO --(Business Wire)--
Shareholder rights law firm Johnson & Weaver, LLP has commenced an
investigation into whether certain officers and directors of The Bancorp
Inc. (NASDAQ: TBBK) violated state laws or the federal securities laws.
On June 10, 2014, the Company filed a Form 8-K with the SEC (News - Alert) announcing
that it "entered into a Stipulation and Consent to the Issuance of a
Consent Order (the 'Order') with the Federal Deposit Insurance
Corporation (the 'FDIC') which became effective on June 5, 2014. The
Bank took this action without admitting or denying any charges of unsafe
or unsound banking practices or violations of law or regulation relating
to weaknesses in the Bank's Bank Secrecy Act ('BSA') Compliance Program."
According to the Form 8-K filed by the Company, the "Order requires the
Bank to take certain affirmative actions to comply with its BSA
obligations, among them: appoint a qualified BSA/OFAC officer; revise
he written BSA Compliance Program; develop and implement additional
policies and procedures for suspicious activity monitoring and
reporting; review and enhance customer due diligence and risk assessment
processes; review past account activity to determine whether suspicious
activity was properly identified and reported; strengthen internal
controls, including augmenting Board oversight regarding BSA activities;
establish an independent testing program and develop policies and
procedures to govern staffing and training for BSA compliance."
Following this announcement, shares of The Bancorp fell $4.66 per share
to close at $11.54 per share, and dropping as low as $9.88 per share, on
June 11, 2014.
If you are a shareholder of The Bancorp and are interested in
learning more about the investigation or your legal rights and remedies,
please contact Jim Baker (firstname.lastname@example.org)
at 619-814-4471. If you email, please include your phone number.
Johnson & Weaver, LLP is a nationally recognized shareholder rights law
firm with offices in California and New York. The firm represents
individual and institutional investors in shareholder derivative and
securities class action lawsuits. For more information about the firm
and its attorneys, please visit http://www.johnsonandweaver.com.
Attorney advertising. Past results do not guarantee future outcomes.
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