Triangle Accused of Hiding Poor Quality Investments and Deficient Underwriting Practices

According to the complaint, Triangle officials knew as early as 2013, but failed to disclose, that the company should move away from mezzanine loan deals due to changes in the market that made these investments unattractive opportunities. On November 1, 2017, Triangle issued a press release announcing its financial results for the quarter ended September 30, 2017, revealing that the company's investment portfolio had declined 7%, and suffered $8.9 million in net realized losses, and $65.8 million in net unrealized depreciation. Furthermore, Triangle revealed that due to low earnings, it would be slashing its quarterly dividend by 33% per share from the previous quarter. On this news, Triangle's stock fell nearly 21%, to close at $9.68 per share on November 2, 2017.