Robbins LLP Is Investigating the Officers and Directors of The Bancorp, Inc. (TBBK) on Behalf of Shareholders
Robbins LLP is investigating whether certain officers and directors of The Bancorp, Inc. (NASDAQGS: TBBK) breached their fiduciary duties to the company by causing the company to violate the Bank Secrecy Act (“BSA”). The Bancorp operates as the financial holding company for The Bancorp Bank, which provides banking products and services to individuals, and small and mid-size businesses in the United States.
The Bancorp Allegedly Violates the Bank Secrecy Act
Throughout early 2014, The Bancorp publicly represented that it had established a “compliance program” in accordance with all of the “key requirements” of the BSA. However, on June 10, 2014, the company announced that it had entered into a consent decree with the Federal Deposit Insurance Corporation (“FDIC”) for violating several BSA requirements. The consent decree prohibited the company from establishing any new prepaid cards until the violations were remedied. On this news, the company’s stock price fell more than 30% from $16.30 per share to under $11.00 per share. The company’s stock price has not rebounded and most recently traded at $7.19 per share on December 11, 2015.
The Bancorp Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Darnell R. Donahue at (800) 350-6003, or you can complete the form below and we will contact you directly.