First Regional Bancorp
Class Period: Jan 1, 2007 to Jan 29, 2010
Lead Plaintiff Deadline: Jul 6, 2010 + Deadline passed
Summary of Case:
A securities class action has been filed against First Regional Bancorp (FRGB) ("FRB" or the "Company") on behalf of all securities purchasers from January 1, 2007 through January 29, 2010, inclusive ("Class Period"), in the United States District Court for the Central District of California.
The complaint alleges that throughout the Class Period, defendants made material misrepresentations and failed to disclose material adverse facts about First Regional Bancorp's true financial condition, business and prospects. Specifically, the defendants caused the Company to disseminate financial statements that were not fairly presented in conformity with Generally Accepted Accounting Principles and were materially false and misleading, and failed to make complete and timely disclosures concerning certain actions taken by regulators. On Friday, January 29, 2010, the California Commissioner of Financial Institutions closed First Regional Bank, which was formerly owned by FRB, and appointed the Federal Deposit Insurance Corporation as its receiver, and its assets and liabilities were assumed by another institution.
If you purchased this company's shares during the Class Period and suffered a loss or for further information about the case, please review the links below.