#USA #New York #Pomerantz Law Firm #TBBK #The Bancorp

Investigation into The Bancorp, Inc.

On December 3, 2024, Pomerantz LLP announced its investigation into potential claims regarding The Bancorp, Inc. (NASDAQ: TBBK). The investigation aims to address whether Bancorp and some of its executives or directors have engaged in securities fraud or other illegal business activities that adversely affect investors.

Background to the Investigation

In the financial results released on October 24, 2024, Bancorp reported disappointing earnings for Q3 2024, with GAAP earnings per share of $1.04, falling short of analysts' expectations by $0.08. This underperformance can be traced back to several factors:

• - The introduction of a new CECL (Current Expected Credit Loss) factor that exacerbated the provision for credit losses, resulting in a $1.5 million reduction in net income after taxes.
• - Prior interest income reversals from real estate bridge loans, following their transfer to nonaccrual or modified status, leading to an after-tax income loss of $1.2 million.
• - A significant delay in transaction processing that increased non-interest expenses, consequently slicing another $900,000 from net income readings.

In response to the grim financial disclosures, the company's stock plummeted by $7.95 per share, a staggering 14.47% loss, culminating in a closing price of $47.01 on October 25, 2024.

About Pomerantz LLP

Renowned for its strong presence in areas such as corporate, securities, and antitrust class litigations, Pomerantz LLP has a long-lasting history in protecting the rights of those affected by corporate misconduct. Founded by the late Abraham L. Pomerantz, the firm holds a reputation as a pioneer in securities class action lawsuits, continuously striving to recover substantial damages for affected clients. Offices are located in New York, Chicago, Los Angeles, London, and Paris, reinforcing its commitment to offering high-caliber legal representation globally. The firm's legacy spans over eight decades, advocating relentlessly for victims of securities fraud and breaches of fiduciary duty.

Encouragement for Investor Action

Investors who believe they have been harmed by Bancorp's practices are encouraged to take proactive steps. Pomerantz urges any affected parties to reach out to Danielle Peyton directly at [email protected] or by calling 646-581-9980, ext. 7980. The firm is dedicated to guiding potential class members to understand their rights and options legally, particularly for those affected by the drop in Bancorp’s share prices and the alarming announcements from Q3 2024.

With the situation continuing to develop, those with stakes in The Bancorp are encouraged to stay informed on the investigation's progress and potential outcomes as Pomerantz law navigates these turbulent waters. The firm stands committed to diligently pursuing justice on behalf of investors to ensure transparency and accountability in corporate dealings.