NEW YORK and NEW ORLEANS, April 01, 2025 (GLOBE NEWSWIRE) -- Kahn Swick & Foti, LLC (“KSF”) and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until May 16, 2025 to file lead plaintiff applications in a securities class action lawsuit against The Bancorp, Inc. (“Bancorp” or the “Company”) (NasdaqGS: TBBK), if they purchased the Company’s securities between January 25, 2024 and March 4, 2025, inclusive (the “Class Period”). This action is pending in the United States District Court for the District of Delaware.
What You May Do
If you purchased securities of Bancorp and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email (lewis.kahn@ksfcounsel.com), or visit https://www.ksfcounsel.com/cases/nasdaqgs-tbbk/ to learn more. If you wish to serve as a lead plaintiff in this class action, you must petition the Court by May 16, 2025.
About the Lawsuit
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.
The case is Linden v. The Bancorp, Inc., et al., No. 25-cv-326.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation's premier boutique securities litigation law firms. This past year, KSF was ranked by SCAS among the top 10 firms nationally based upon total settlement value. KSF serves a variety of clients, including public and private institutional investors, and retail investors - in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, Delaware, California, Louisiana, Chicago, New Jersey, and a representative office in Luxembourg.
To learn more about KSF, you may visit www.ksfcounsel.com.
Contact:
Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner
lewis.kahn@ksfcounsel.com
1-877-515-1850
1100 Poydras St., Suite 960
New Orleans, LA 70163
