Law Offices of Howard G. Smith announces an investigation on behalf of The Bancorp, Inc. (“TBBK” or the “Company”) (NASDAQ: TBBK) investors concerning the Company’s possible violations of federal securities laws.
IF YOU ARE AN INVESTOR WHO SUFFERED A LOSS IN THE BANCORP, INC. (TBBK), CONTACT THE LAW OFFICES OF HOWARD G. SMITH ABOUT POTENTIALLY PURSUING CLAIMS TO RECOVER YOUR LOSS.
Contact the Law Offices of Howard G. Smith to discuss your legal rights by email at howardsmith@howardsmithlaw.com, by telephone at (215) 638-4847 or visit our website at www.howardsmithlaw.com.
What Happened?
On March 21, 2024, Culper Research published a report alleging, among other things, that TBBK has “misrepresented the quality of its real estate bridge loan (‘REBL’) portfolio”, estimating TBBK to have losses anywhere from ten to fifteen times higher than the Company’s actual reserves.
On this news, TBBK’s stock price fell $3.63, or 10.2%, to close at $32.12 per share on March 21, 2024, thereby injuring investors.
Then, on March 4, 2025, after market hours, TBBK disclosed that the Company had “inappropriately filed its Annual Report on Form 10-K for the fiscal year ended December 31, 2024” and the financial statements from 2022 to 2024 should no longer be relied upon. The Company explained that its auditors for those years “did not provide approval to include [the] audit opinion . . . or [the] consent to the incorporation by reference of their audit report in certain registration statements.” The Company further revealed it is “working expeditiously to perform and complete additional closing procedures related to accounting for consumer fintech loans in the allowance for credit losses” in order to file an amended Annual Report.
On this news, TBBK’s stock price fell as much as 6% during intraday trading on March 5, 2025, thereby injuring investors further.
Contact Us To Participate or Learn More:
If you purchased TBBK securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact us:
Law Offices of Howard G. Smith,
3070 Bristol Pike, Suite 112,
Bensalem, Pennsylvania 19020,
Telephone: (215) 638-4847
Email: howardsmith@howardsmithlaw.com
Visit our website at: www.howardsmithlaw.com.
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View source version on businesswire.com: https://www.businesswire.com/news/home/20250305580015/en/
Contacts
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com
