OKLAHOMA CITY–(BUSINESS WIRE)–The law firm of Federman & Sherwood has initiated an investigation into Banc of California, Inc. (NYSE: BANC) with respect to possible violations of federal securities laws.

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. On this news, shares of BANC fell to close at $11.26 per share on October 18, 2016.

Additionally, BANC stated in its Securities and Exchange filing on November 10, 2016, that it is delaying the filing of its Quarterly…