Faruqi & Faruqi Reminds The Bancorp Investors of the Pending Class Action Lawsuit with a Lead Plaintiff Deadline of May 16, 2025 – TBBK

Core Viewpoint - Faruqi & Faruqi, LLP is investigating potential claims against The Bancorp, Inc. due to allegations of securities law violations, with a deadline for investors to seek lead plaintiff status in a class action by May 16, 2025 [2][10]. Group 1: Allegations Against The Bancorp - The complaint alleges that The Bancorp and its executives made false or misleading statements regarding the risks associated with its REBL loan portfolio, including underrepresenting the risk of default and inadequately accounting for credit losses [4]. - Specific claims include that the company had material weaknesses in its internal controls, that its financial statements were not approved by independent auditors, and that positive statements about the company's business were misleading [4]. - A report from Culper Research highlighted significant risks in the company's loan portfolio, describing it as filled with unsophisticated borrowers and properties in poor condition, which led to a significant drop in share price [5][6]. Group 2: Financial Impact and Share Price Movements - Following the release of the Culper Research report on March 21, 2024, The Bancorp's share price fell by $3.63, or 10.15$32.12 per share [6]. - On October 24, 2024, the company reported a net income of $51.5 million for Q3 2024, but this included a$1.5 million reduction in net income due to increased provisions for credit losses, resulting in a share price drop of $7.95, or 14.47$47.01 [7]. - On March 4, 2025, The Bancorp disclosed that its financial statements for fiscal years 2022 through 2024 should no longer be relied upon, leading to a further share price decline of $2.34, or 4.38$51.25 [8][9].