Kuznicki Law PLLC notifies investors that a class action has commenced in the United States District Court for the District of Delaware on behalf of shareholders of The Bancorp, Inc. who purchased shares between January 25, 2024 and March 4, 2025.
The Bancorp and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On March 4, 2025, the Company disclosed that it would be unable to file timely its fiscal year 2024 annual report and that its “financial statements for the fiscal years ended December 31, 2022 through 2024 as shown in the Annual Report should no longer be relied upon” because 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.” Further, the Company 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, and that it “is evaluating the impact of this non-reliance on its conclusions regarding disclosure controls and procedures and internal control over financial reporting.”
On this news, the price of Bancorp’s shares fell $2.34, or 4.38%, to close at $51.25 per share on March 5, 2025, on unusually heavy trading volume.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until May 16, 2025 to request that the court appoint them lead plaintiff.