Banc of California, Inc.NYSE
Mon, Dec. 5, 6:02 AM
Mon, Nov. 14, 9:43 AM
- Though operational trends remain strong, "reputational overhang" following claims of management conflicts of interest has Wells Fargo downgrading Banc of California (BANC flat) to Market Perform from Outperform.
- Once a $22 stock, the price fell below $11 last month in the wake of those allegations, and is trying to climb back, currently at $13.90.
Wed, Oct. 26, 10:58 AM
- Following the stories of ties between Banc of California (BANC -2.1%) and Jason Galanis, SA contributor Real Talk Investments looked into the shady character's connection with BOFI. "My research leads me to believe that a reasonable person could infer that Galanis has a relationship with BOFI that remains undisclosed to this date," he writes, calling on CEO Greg Garrabrants to address the issue on tomorrow's earnings call.
- Real Talk also takes note of BofI's external auditor Gary McCormick's ties to fraudster Barry Minkow.
- Down sharply earlier thanks to the story, BofI has rebounded to off 0.15% on the session.
Fri, Oct. 21, 10:16 AM
- The bank yesterday made the "stunning" disclosure that an internal investigation regarding ties to fraudster Jason Galanis has been underway for more than a year, says the GeoTeam's Chris Irons.
- Incredibly, the bank calls the investigation "independent," but a bit of digging finds the law firm doing the work has personally represented the company in the past, and is also a client of the lender.
- Irons: "I believe the company can in no way be trusted to perform its own investigation into these matters and until further notice should not be taken at its word." He thinks the SEC at this point has no choice but to use its subpoena power to dig into the matter at Banc of California (BANC +0.9%).
- SA contributor Aurelius, who started the firestorm earlier this week, weighs in on the latest in a new blog post.
Thu, Oct. 20, 12:59 PM
Thu, Oct. 20, 10:08 AM
- With a 6% gain today to $14.13 per share, Banc of California (NYSE:BANC) now stands about 18% below its level of Tuesday afternoon when a blog post from Seeking Alpha contributor Aurelius warned of the lender's ties to serial fraudsters.
- DA Davidson becomes the first sell-sider to upgrade, moving the stock to Buy from Neutral.
- Previously: Banc of California +17% as it fights back against blog post (Oct. 19)
Thu, Oct. 20, 9:17 AM
Wed, Oct. 19, 1:00 PM
Wed, Oct. 19, 12:44 PM
Wed, Oct. 19, 9:14 AM
Wed, Oct. 19, 8:58 AM
- Alongside an early release of Q3 earnings (sizable beat) and a moved-up earnings call, legal counsel for Banc of California (NYSE:BANC) points to a government investigation which showed the shady Jason Galanis fabricated his connections to bank CEO Steven Sugarman's COR Capital.
- Previously: Banc of California slips as SA author alleges ties to fraudsters (Oct. 18)
- Update: Shares +20% in the final hour of trading.
Wed, Oct. 19, 7:02 AM
Wed, Oct. 19, 6:03 AM
Tue, Oct. 18, 12:55 PM| Tue, Oct. 18, 12:55 PM | 19 Comments
Tue, Sep. 20, 1:37 PM
- James McKinney submits formal notice of resignation as the CFO of Banc of California BANC -1.6% at a mutually agreeable date on or before November 18, 2016.
- Mr. McKinney will be available to consult at no charge to company till March 15, 2017.
- J. Francisco A. Turner has been appointed as a co-Principal Financial Officer serving along with Mr. McKinney with immediate effect..
Tue, Aug. 16, 9:17 AM