NEW YORK, NY / ACCESSWIRE / November 12, 2024 / Levi & Korsinsky notifies investors that it has commenced an investigation of The Bancorp, Inc. ("The Bancorp, Inc.") (NASDAQ:TBBK) concerning possible violations of federal securities laws.
On October 24, 2024, Bancorp issued a press release announcing its financial results for the third quarter of 2024. Among other items, Bancorp reported GAAP earnings per share of $1.04, missing consensus estimates by $0.08. The Company attributed the disappointing results to the addition of "a new a new CECL factor . . . which increased the provision for credit losses and resulted in an after-tax reduction in net income of $1.5 million"; "[p]rior period interest income reversals on real estate bridge loans transferred to nonaccrual or modified, [which] resulted in an after-tax reduction in net income of $1.2 million"; and "[a] loss resulting from a transaction processing delay [which] increased non-interest expense and resulted in an after-tax reduction in net income of approximately $900,000."
Following this news, Bancorp's stock price fell over 14% on October 25, 2024. To obtain additional information, go to:
https://zlk.com/pslra-1/the-bancorp-inc-lawsuit-submission-form-2?prid=111602&wire=1
or contact Joseph E. Levi, Esq. either via email at [email protected] or by telephone at (212)363-7500.
WHY LEVI & KORSINSKY: Over the past 20 years, Levi & Korsinsky LLP has established itself as a nationally-recognized securities litigation firm that has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. The firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services' Top 50 Report as one of the top securities litigation firms in the United States. Attorney Advertising. Prior results do not guarantee similar outcomes.
CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
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New York, NY 10004
[email protected]
Tel: (212)363-7500
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SOURCE: Levi & Korsinsky, LLP