Banc of California, Inc.
|Company Name||Banc of California, Inc.|
On December 8, 2017, Bloomberg reported that a former Banc of California employee filed a lawsuit against the bank alleging: (1) revenue generated in 2016 was improperly carried over to inflate 2017 profits; and (2) that corporate funds were misused by Company executives.
On this news, shares of Banc of California fell significantly on December 8, 2017, thereby damaging investors.
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