is a boutique law firm handling complex and class action litigation, including shareholder derivative litigation, securities class actions, data breach and consumer class actions.

Current Securities Class Action Cases

Federman & Sherwood regularly posts press releases about new class action securities cases, which includes the class period and deadlines for appointment of lead plaintiffs.  Please review any of the case listings  below, and if you bought a security during the class period, we invite you to return an investor certification to our office. Our link to an investor certification for any of the cases can be found below each respective press release on that company.  Once completed, please return to our office by email to or fax to (405) 239-2112. 

Current Cases

Banc of California, Inc. [NYSE: BANC]

Federman & Sherwood Announces the Filing of a Securities Class Action Lawsuit against Banc of California, Inc.

Oklahoma City, OK (January 25, 2017) – On January 23, 2017, a securities class action lawsuit was filed in the United States District Court for the Central District of California against Banc of California, Inc. (NYSE: BANC). The complaint alleges violations of federal securities laws, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, including allegations of issuing a series of material or false misrepresentations to the market which had the effect of artificially inflating the market price during the Class Period, which is October 29, 2015 through January 20, 2017. More specifically, this litigation was filed because Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects, including: (1) that the Company had extensive ties to an alleged “fraudster” named Jason Galanis (“Galanis”); (2) that, given Galanis’ history, the Company’s ties to Galanis created substantial regulatory risk; (3) that revelation of Galanis’ ties to the Company could cause a substantial decline in the market price of the Company’s securities; (4) that the Company allegedly misled investors concerning the Company’s connections with Galanis; and (5) that, as a result of the foregoing, Defendants’ positive statements about BANC’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.

On October 18, 2016, an article published on Seeking Alpha alleged that Banc of California, Inc. (“BANC”) had concealed numerous connections between it and Jason Galanis, who has been convicted of criminal securities fraud, including that: (1) CEO Jason Sugarman was the founder, CEO, and indirect owner of a company controlled by Galanis; and (2) separately, Galanis controlled BANC's founding shareholder. The Seeking Alpha article also alleged that BANC had used an off-balance sheet lender to make loans to insiders.

BANC stated in its SEC filing on November 10, 2016, that it is delaying the filing of its Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2016 for the completion of a review into certain purported improper relationships and related party transactions and related matters. BANC further stated the review includes an investigation by independent legal counsel having no prior relationship with BANC or its officers and directors will be investigating as appointed by the Special Committee of Independent Directors, established by the Board of Directors on October 27, 2016.

On January 23, 2017, BANC announced the resignation of its CEO, Steven A. Sugarman, and that the SEC had opened an investigation into whether the BANC had misled investors in its response to the October 2016 Seeking Alpha report disclosing a connection between the BANC and an alleged fraudster named Jason Galanis. On this news the Company’s shares fell $1.50 per share to close at $14.65 per share.

Plaintiff seeks to recover damages on behalf of all Banc of California, Inc. shareholders who purchased common stock during the Class Period and are therefore a member of the Class as described above. You may move the Court no later than Friday, March 24, 2017 to serve as a lead plaintiff for the entire Class. However, in order to do so, you must meet certain legal requirements pursuant to the Private Securities Litigation Reform Act of 1995.

To join this class action, click here to obtain an investor certification. Once complete, please email this form to, fax to us at (405) 239-2112 or send by regular mail to Federman & Sherwood, 10205 North Pennsylvania Avenue, Oklahoma City, OK 73120, ATTN: Robin.

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