TBBK Misses Restatement Deadline, Faces Nasdaq Non-Compliance Notice Amid Investor Lawsuit

Bancorp, Inc. (TBBK) Misses Restatement Deadline, Faces Nasdaq Non-Compliance Notice Amid Investor Lawsuit

MIAMI, FL - March 25, 2023 - Bancorp, Inc. (NASDAQ: TBBK), a leading provider of financial services, has missed its deadline to restate its financial statements, prompting a notice of non-compliance from the Nasdaq stock market. The company was previously ordered to restate its financials after an investigation revealed discrepancies in its accounting practices.

The missed deadline has triggered a notice of non-compliance from Nasdaq, which could potentially lead to the company's shares being delisted from the exchange. This development comes amidst an ongoing investor lawsuit against Bancorp, alleging that the company's failure to properly account for certain assets and liabilities led to significant losses for investors.

According to regulatory filings, Bancorp was required to restate its financial statements by March 15, 2023, but failed to do so. The company has not provided a revised timeline for completing the restatement.

Bancorp's failure to meet the deadline has sparked concerns among investors and analysts, who are calling for greater transparency and accountability from the company. The news has also raised questions about the company's ability to manage its financial affairs and its commitment to regulatory compliance.

The investor lawsuit, which was filed in January 2023, alleges that Bancorp's accounting practices led to significant losses for investors. The lawsuit seeks damages and other relief on behalf of investors who purchased Bancorp's shares between January 2020 and September 2022.

In light of the missed deadline and the ongoing lawsuit, investors are advised to exercise caution when considering Bancorp's shares. The company's failure to meet its regulatory obligations and its accounting practices have raised significant concerns, and investors should carefully assess the risks and potential rewards before making any investment decisions.